NEW YORK (TheStreet) --Shares of Simon Property Group Inc. (SPG) - Get Report are up by 1% to $194 in pre-market trading on Friday morning, after the mall operator issued a final bid of $95.50 per share, up from $91, for rival Macerich Co. (MAC) - Get Report.

Simon Property values the transaction at approximately $23.2 billion and added that it will withdraw the offer if officials from both companies do not meet to negotiate terms and conditions by end of day on April 1, 2015.

Simon Property's offer represents a 37% premium to Macerich's unaffected closing stock price of $69.88 on November 18, 2014, the day before Simon disclosed its 3.6% investment in Macerich, the company said.

"Macerich's decision to adopt extreme defensive measures is disappointing. We have repeatedly expressed our desire to work with Macerich to reach a mutually beneficial agreement and do not believe a protracted, multi-year proxy battle is in the interests of the shareholders of either company. We believe our offer is compelling and will deliver significant and immediate value to Macerich shareholders. We encourage the Macerich Board to give our proposal the serious consideration it deserves and to take into account the views of Macerich shareholders," Simon Property CEO David Simon said in a statement.

Separately, TheStreet Ratings team rates SIMON PROPERTY GROUP INC as a Buy with a ratings score of A-. TheStreet Ratings Team has this to say about their recommendation:

"We rate SIMON PROPERTY GROUP INC (SPG) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its revenue growth, notable return on equity, solid stock price performance, impressive record of earnings per share growth and expanding profit margins. Although the company may harbor some minor weaknesses, we feel they are unlikely to have a significant impact on results."

Highlights from the analysis by TheStreet Ratings Team goes as follows:

• Despite its growing revenue, the company underperformed as compared with the industry average of 10.0%. Since the same quarter one year prior, revenues slightly increased by 4.3%. Growth in the company's revenue appears to have helped boost the earnings per share.
• Current return on equity exceeded its ROE from the same quarter one year prior. This is a clear sign of strength within the company. Compared to other companies in the Real Estate Investment Trusts (REITs) industry and the overall market, SIMON PROPERTY GROUP INC's return on equity significantly exceeds that of both the industry average and the S&P 500.
• The stock has not only risen over the past year, it has done so at a faster pace than the S&P 500, reflecting the earnings growth and other positive factors similar to those we have cited here. Turning our attention to the future direction of the stock, it goes without saying that even the best stocks can fall in an overall down market. However, in any other environment, this stock still has good upside potential despite the fact that it has already risen in the past year.
• SIMON PROPERTY GROUP INC has improved earnings per share by 19.3% in the most recent quarter compared to the same quarter a year ago. The company has demonstrated a pattern of positive earnings per share growth over the past year. We feel that this trend should continue. During the past fiscal year, SIMON PROPERTY GROUP INC increased its bottom line by earning $4.44 versus $3.72 in the prior year. This year, the market expects an improvement in earnings ($5.06 versus $4.44).
• The gross profit margin for SIMON PROPERTY GROUP INC is rather high; currently it is at 52.65%. It has increased from the same quarter the previous year. Regardless of the strong results of the gross profit margin, the net profit margin of 29.94% trails the industry average.
• You can view the full analysis from the report here: SPG Ratings Report