Investor Presentaiton
Alignment of Interests: Anti-Takeover Provisions
Green Street Advisors
ADVISORY & CONSULTING GROUP
Anti-takeover provisions are often overlooked as they don't impact day-to-day business. However, these provisions
have been used to destroy significant shareholder value when entrenched management teams have employed them
to fend off attractive takeover offers.
$100
$84
$80
$60
$40
$71
Macerich Destroying Value for Shareholders
Discount to NAV
Premium to NAV
Price
NAV
Macerich was offered $95.50/sh. by Simon Property
Group. MAC declined the offering and in the following 3
years their stock has declined by ~50%
$43
$20
1/15
6/15
11/15
4/16
9/16
2/17
7/17
12/17
5/18
10/18
3/19
This is not a Research report.
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