Simon Property Announces $2 Bln Share Buyback Program

Simon Property Group Inc. said Thursday its board has approved a share buyback program of up to $2 billion. The news comes a day after Macerich Co. rejected the mall operator's "best and final" takeover bid of $16.8 billion, which Simon has withdrawn. Shares were inactive in premarket trade but have gained 8.7% in the year so far, while the S&P 500 has gained 0.1%.

Copyright © 2015 MarketWatch, Inc.