SANTA CLARA, CA—Indianapolis-based Simon Property Group has made its "best and final offer" for Macerich Co. On Friday morning the REIT announced it was offering to acquire the locally-based Macerich for $95.50 per share in a cash and stock transaction, a 4.9% increase from its initial $91 per share offer.

All other terms of Simon's first offer remain the same. The total value of the proposed transaction is now $23.2 billion, including assumption of approximately $6.4 billion of Macerich outstanding debt.

Simon Property launched its bid for Macerich in the beginning of the month, offering $91 per share in a cash-and-stock offering. The total value of the transaction, at that point, would have been $22.4 billion, including the assumption of Macerich's approximately $6.4 billion in debt.

At the time of the offer, however, it was clear Simon Property was expecting pushback from Macerich.

"We urge Macerich to forego entrenching defensive tactics that obstruct the will of its shareholders and instead engage in serious discussions with us," CEO David Simon said when unveiling the bid.

However, that is what Macerich promptly did, spurning the offer and implementing poison pill moves to shore up its protection against a hostile takeover.

Simon referenced these events in the latest bid. "Macerich's decision to adopt extreme defensive measures is disappointing," Simon said in a prepared statement.

"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."

There is no financing condition to the proposal.

Calls to Macerich and Simon Property were not immediately returned.