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Simon Unveils $2B Stock Buyback After Macerich Loss

Law360, New York (April 2, 2015, 3:24 PM EDT) -- Simon Property Group Inc. said Thursday that its board of directors has authorized a $2 billion stock repurchase program, a move that comes just two days after the company's $16.8 billion cash-and-stock proposal to merge with Macerich Co. collapsed.

The massive buyback plan, which was announced by way of both a press release and a Form 8-K filed with the U.S. Securities and Exchange Commission, offered little detail besides the fact that it has been authorized by Simon Property's board of directors.

"Under the program, the...
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