Simon Property Group, with Macerich behind it, will spend up to $2 billion on itself

Fresh off a retreat from its hostile $16.8 billion takeover bid for Macerich, Simon Property Group announced a stock buyback of up to $2 billion.

The Indianapolis mall operator said Thursday that the share repurchases will be made over the next two years as market conditions warrant.

The company withdrew its offer of $95.50 per share for The Macerich Co. late Tuesday, shortly after Macerich rejected the bid. The deal was valued at $23.2 billion including debt and would have tied together the nation's two largest mall operators.

Simon Property Group Inc. is a real estate investment trust that operates more than 200 properties in the United States, with a heavy presence in Florida, Texas and California. It also runs shopping centers in Canada, Japan, Mexico and other countries.

The company's stock rose slightly in premarket trading.