* Simon Property Group (NYSE: SPG) announced that it has sent a letter to The Macerich Company (NYSE: MAC) confirming its prior discussions regarding Simon’s proposal to acquire all of the outstanding stock of Macerich for $91.00 per share in cash and Simon shares. The total value of the proposed transaction is approximately $22.4 billion, including the assumption of Macerich’s approximately $6.4 billion of debt outstanding (inclusive of its pro rata share of mortgage debt from unconsolidated entities). Macerich shareholders would receive consideration in the form of 50% cash and 50% Simon common stock, utilizing a fixed exchange ratio.
