Simon Property plans $2B share buyback over 2 years

Simon Property Group Inc. said it plans to buy back as much as $2 billion of its common stock over the next 24 months “as market conditions warrant.”

The Indianapolis-based landlord will either purchase the shares on the open market or in privately negotiated deals, Simon Property said in a written statement Thursday.

The announcement comes two days after shopping-mall owner Macerich Co. rejected an unsolicited takeover offer from Simon, saying it substantially undervalued the company. The $95.50 cash-and-stock offer was valued at $23.2 billion, including the assumption of about $6.4 billion of debt.

Simon has a market value of $62.2 billion. The stock has risen by 8.7 percent this year. Simon shares rose 1 percent Thursday morning, to $200.09 each.