November 9, 2017 / 8:18 PM / in 9 months

BUZZ-Macerich shares jump as Third Point goes mall shopping

** Macerich jumps as much as 13.5 pct to $65.97 in Thurs afternoon trading following report that Third Point has taken a stake in the mall REIT

** Bloomberg reports Dan Loeb’s New-York based hedge fund owns about 5 pct of MAC and is expected to push for change, including a potential sale

** Unclear whether talks have occurred between Third Point and Macerich’s management or board (Bloomberg)

** Other retail REITs moved sharply higher on news: mall owner Simon Property Group recently up 3 pct, shopping center operator Kimco up 0.8 pct

** MAC shares hit highest since Apr before paring gains, last up ~8 pct. Stock had fallen 17 pct YTD through Weds’ close

** Third Point’s move comes as brick-and-mortar department stores and suburban malls have been under assault from Amazon.com and other online competitors

** GGP Inc shares have soared since report last week that it was in discussions to be taken private by its top holder Brookfield Asset Management

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