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Fly News Breaks for March 18, 2015
SPG, MAC
Mar 18, 2015 | 06:07 EDT
UBS downgraded Macerich (MAC) to Sell citing reduced probability of a near-term sale after the company staggered its board and adopted a poison pill. The firm now assigns only a 20% probability of a takeout at $100 per share. It lowered its price target for the stock to $84 from $90. UBS says Simon Property's (SPG) $91 per share takeover was "not unreasonable" and that he company is unlikely to pay substantially more for Macerich. Shares of the real estate investment trust closed yesterday down $3.29 to $91.60.
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