Macerich has rejected a $16 billion hostile bid from Simon Property Group and has adopted a ``poison pill'' defense to avert any takeover.
Based in California, the Macerich Company is the current owner of Southpark and Northpark malls in the Quad Cities, after buying them from Simon.
Simon is based in Indianapolis, and switched to a hostile bid earlier this month after saying that Macerich refused to negotiate a deal that would combine the two largest U.S. mall operators.
Simon offered $91 per share in cash and stock for each Macerich share. The offer is valued at about $22 billion, counting Macerich debt.
Today Macerich said Simon's offer significantly undervalues the company and isn't in the best interests of its shareholders.
