Sometimes you just have to throw in the towel on a deal, no matter how good a fit it may be. Apparently that is the case with Simon Property’s bid for mall-owner Macerich.

Simon Property had sweetened its initial offer for Macerich to $95.50 per share on March 20th, but said it would pull the bid if it was not accepted by April 1st. Macerich’s board voted against Simon’s latest (and apparently last) offer on Tuesday.

Macerich shares were down as much as 5% on the news in early trading on Wednesday morning.

Macerich stock falls as Simon Property pulls $23 billion bid

Statement from Simon Property CEO

“Our board carefully reviewed Simon Property Group’s revised proposal and concluded that it does not reflect the full value of our company,” Macerich CEO Arthur Coppola note in a statement released Tuesday evening.

More on Simon Property bid for Macerich

Indiana-based Simon Property made a second unsolicited bid 11 days ago, offering $95.50 per share. The offer came to $16.8 billion, not including $6.4 billion in debt.

Simon had noted that this was its “best and final offer,” and said it would withdraw the proposal on April 1st if the two firms did not meet by then.

The second offer was a bump up from the March 9th offer of $91 per share, which was valued at $16 billion. Macerich also commented at that time that the proposed offer “substantially undervalues” the company.

In discussing the bid, CEO Coppola said he realized Macerich faces a “disconnect” between private market valuations and public market views, but said it was “a situation we have seen before.”

He said the major mall owner will continue to upgrade its portfolio by selling off lower-quality malls and expanding and redeveloping current properties.

Simon is the owner of a number of malls in Southern California, including Brea Mall and Del Amo Fashion Center in Torrance.

Macerich properties in SoCal include Santa Monica Place and the Westside Pavilion in LA.