Wells Fargo believes Macerich (MAC) would likely have issued a press release already if it were planning to remain independent and reject Simon Property's (SPG) $95.50 per share buyout offer. The firm thinks Macerich's quietness suggests the company is looking to maximize value in a transaction potentially with Simon. Wells keeps a Market Perform rating on Macerich, but believes that if a transaction is ultimately consummated, the final price could fall into the range of $95-$100 per share. However, should no deal materialize, Wells thinks Macerich shares could initially fall to $75 or lower. The stock is down 9c to $86.06 in morning trading. On Friday, CNBC's David Faber reported that the board of Macerich (MAC) was meeting and would likely to reject Simon's best and final takeover offer.