Indianapolis-based Simon Property Group isn’t satisfied with its 3.6 percent ownership stake in its real estate investment trust competitor Macerich Co.

After an unsuccessful offer to acquire Macerich through talks with its board of directors, Simon is appealing to shareholders, laying down a $16 billion hostile takeover bid that could shake up the ownership ranks of regional mall owners.

If the deal moves forward, a number of tri-county properties would wind up under the Simon banner, including the The Oaks, Pacific View Mall and La Cumbre Plaza in Santa Barbara.

At $91 per share, which is where the REIT’s stock is currently trading thanks to the announcement, the board of Santa Monica-based Macerich said it would review the deal, but advised shareholders not to take any action.

The acquisition would create a retail property powerhouse, controlling more than 250 properties across the nation, with some international presence.

Combing Macerich’s portfolio with Simon’s current building stock would be “a strong geographic fit,” the company said in statement, adding that the firm believes shareholders won’t turn the offer down.

Simon, which would finance the proposed deal half in cash and half in its own common stock, also plans to flip certain Macerich properties to Chicago-based REIT General Growth Properties if the takeover bid is approved.

Deutsche Bank Securities Inc., Goldman, Sachs & Co. and JP Morgan Securities are acting as financial advisors to Macerich and Kirkland & Ellis LLP, Goodwin Procter LLP and Venable LLP are acting as legal counsel.

Bank of America Merrill Lynch is acting as financial advisor to Simon, and Latham & Watkins, LLP is acting as legal counsel in connection with the proposed transaction.