Reuters

(Reuters)

After Macerich Snub, Simon Property to Buy Back $2B in Stock

Features Reuters

Simon Property Group Inc, the largest U.S. shopping mall owner, said it would buy back $2 billion in stock, less than 48 hours after scrapping an attempt to buy rival Macerich Co.

Continue Reading Below

Simon Property said on Thursday it could repurchase its shares over the next two years.

The company withdrew its offer for Macerich late on Tuesday after the smaller company rejected its sweetened bid. (Reporting by Sagarika Jaisinghani in Bengaluru; Editing by Savio D'Souza)