Simon Property Group Inc (NYSE:SPG), the largest U.S. shopping mall owner, raised its offer for smaller rival Macerich Co (NYSE:MAC) to $95.50 per share in cash and stock.
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Macerich rejected on Tuesday Simon Property's earlier offer of $91 per share and adopted a poison pill to prevent a hostile takeover.
Simon Property said on Friday that the offer, which has an enterprise value of $23.2 billion, would be withdrawn if Macerich did not meet with the company by April 1.
(Reporting by Sagarika Jaisinghani in Bengaluru; Editing by Kirti Pandey)