Simon Property Group Inc. offered to buy Macerich Co. in a cash-and-stock transaction valued at about $22.4 billion, including debt, taking a buyout effort public after being rebuffed by the smaller U.S. mall owner.

Macerich shareholders would receive the equivalent of $91 a share as 50 percent cash and 50 percent Simon stock under the deal, Indianapolis-based Simon, the largest U.S. mall landlord, said in a statement Monday. The transaction would include the assumption of about $6.4 billion of debt.

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