Simon Property raised the bid for rival Macerich by 5 percent and assures everyone that it will be the last offer for the said mall.
The planned deal would merge two of the largest U.S. shopping mall operators.
Simon, which owns University Park Mall in Mishawaka and Lighthouse Place Premium Outlets in Michigan City, set an April 1 deadline for Macerich to respond to the offer or it will be withdrawn.
Shares of Macerich dropped more than 4 percent Friday, while Simon Property shares rose nearly 3 percent.
Simon said Friday that it is now offering to pay $95.50 per share for Macerich, up from its previous offer of $91 per share. The new offer is valued at $23.2 billion, when debt of about $6.4 billion is included. Simon, which has a 3.6 percent stake in Macerich, said it won’t seek to nominate directors for Macerich’s board.