Indianapolis-based Simon Property Group, one of the country's largest real estate companies, announced Monday it's making a bid for its rival group, the Macerich Company.
The group sent a letter to Macerich, offering to acquire the company's outstanding stock for $91 a share — a total of approximately $22.4 billion.
Simon owns and operates malls and outlets across the United States, which the New York Times reports are worth about $57 billion.
In a statement, the group says Macerich has refused on multiple occasions to engage in discussions about an acquisition by Simon.
"We urge Macerich to forego entrenching defensive tactics that obstruct the will of its shareholders and instead engage in serious discussions with us," CEO David Simon says. "It is our strong preference to work with Macerich to reach a mutually beneficial agreement, and we are available immediately to meet with Macerich and its advisors."
Simon owns 5.71 million shares of Macerich — nearly 4 percent of the company.