Morning Headlines: Is The Gallery Still on Track After Hostile Takeover Bid?
Photo: DiscoverPHL
The Gallery has been all over the news lately. The beloved 2 Street Cafe closed its doors for good this past weekend and now comes word that Macerich, co-investor with PREIT in the redevelopment at The Gallery, shot down an attempted $16 billion hostile takeover bid by Simon Property Group, the largest mall operator in the nation.
The Associated Press is reporting that Simon, who recently renovated Franklin Mills into Philadelphia Mills, approached Macerich about the deal earlier this month. Macerich refused the deal, citing that it undervalued their company, wasn’t a good fit for their shareholders and could even violate antitrust laws. So does this power grab sidetrack the project at The Gallery?
After Simon made its bid for Macerich, PREIT spokeswoman Heather Crowell said the offer did not “change either the plans or the schedule for the redevelopment of the Gallery.”
Phew!
- Macerich rebuffs $16B Gall bid from Simon Property [The Inquirer]
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- New apartment building “dropped” at 46th and Sansom [West Philly Local]
- Build A Skyscraper That Casts No Shadow? We Can Do That, Architects Say [Huffington Post]
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