Following U.S. Stocks may claim a “BIG Change” in the course of current trading session: Simon Property Group, (NYSE:SPG), The Macerich Corporation, (NYSE:MAC), Sears Holdings Corporation, (NASDAQ:SHLD), General Growth Properties, (NYSE:GGP), Wal-Mart Stores, (NYSE:WMT)
At 9:35AM, Simon Property Group Inc. (NYSE:SPG), with shares declined -0.02%, is now trading at $195.60 and The Macerich Corporation (NYSE:MAC), plummeted -4.93%, and is now trading at $80.15.
Simon Property Group Inc. (NYSE:SPG), becomes Headlines today, before the opening bell.
According to the very recent reports, Simon Property Group is calling off its hostile $16.8 billion takeover bid for Macerich, which would have tied together two of the nation’s largest mall operators.
The Indianapolis corporation upped its bid two weeks ago to $95.50 per share from $91, calling that its best and final offer and giving Macerich an April 1 deadline to respond. The new offer was valued at $23.2 billion counting debt.
Late Tuesday, the company confirmed that it has withdrawn its offer to attain the outstanding shares of The Macerich Corporation (NYSE:MAC), for $95.50 per share, in light of the decision by the Macerich Board of Directors not to engage in discussions with Simon. Macerich’s board unanimously rejected the bid.
The Macerich board concluded that now was not the right time to sell, said director Fred Hubbell in a printed statement.
The Macerich Corporation is an independent real estate investment trust. The firm invests in the real estate markets of the United States. States. It primarily engages in attainment, ownership, development, redevelopment, administration and leasing of regional and community shopping centers located throughout the United States.
Simon Property Group, Inc. is an equity real estate investment trust. The firm invests in the real estate markets across the globe. It engages in investment, ownership, administration, and development of properties.
On the other hand, At 9:37AM, Sears Holdings Corporation (NASDAQ:SHLD), with shares inclined 9.59%, is now trading at $45.23 and General Growth Properties, Inc. (NYSE:GGP), dropped -0.47%, and is now trading at $29.41.
Today, Sears Holdings Corporation (NASDAQ:SHLD), and General Growth Properties, Inc. (NYSE:GGP), declared that they have reached a real estate joint venture (the “JV”) under which Sears Holdings has contributed to the JV 12 Sears Holdings properties located at GGP malls, involving both existing Sears Holdings stores and certain property leased to third parties occupying former Sears Holdings stores. As part of the transaction, GGP has contributed cash to the JV, and the JV has leased back the existing Sears Holdings stores. The transaction is designed to unlock real estate value and enhance financial flexibility for Sears Holdings while at the same time providing the JV the opportunity to create additional value through re-development and re-leasing of up to 50% of each property.
Sandeep Mathrani, CEO of General Growth Properties, stated “Our new partnership with Sears Holdings is consistent with our investment strategy of acquiring interests in high-quality retail properties located in the U.S. This transaction provides an opportunity to potentially redevelop certain Sears Holdings locations within our portfolio and further strengthen each mall within its trade area. We look forward to working with Sears Holdings to maximize the value of these locations for our shareholders.”
Sears Holdings Corporation (SHLD) is a leading integrated retailer focused on seamlessly connecting the digital and physical shopping experiences to serve our members – wherever, whenever and however they want to shop.
General Growth Properties, Inc is an equity real estate investment trust. The firm invests in the real estate markets of the United States. It engages in owning, managing, leasing, and redeveloping high-quality regional malls.
Wal-Mart Stores Inc. (NYSE:WMT)
At 9:38AM, Wal-Mart Stores Inc. (NYSE:WMT), with shares dropped -1.23%, is now trading at $81.22.
The retail giant Wal-Mart Stores Inc. (WMT), hosts a meeting for investors and analysts at the New York Stock Exchange today.
Wal-Mart Stores Inc. operates retail stores in various formats worldwide. The corporation operates through three segments: Walmart U.S., Walmart International, and Sam’s Club
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