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Ontario Teachers' rep won't seek reelection to Macerich board

A representative of the Ontario Teachers' Pension Plan Board, which was recently reported to be considering a takeover of Macerich Co., does not plan to seek re-election to the board of the mall real estate investment trust.

In an ownership filing, the pension plan said John Sullivan, president and CEO of its Cadillac Fairview Corp. unit, confirmed that it is holding its 16.5% stake in Macerich for investment purposes only.

Bloomberg News recently reported that the Canadian pension fund had held discussions with other parties, including sovereign wealth funds, to privatize Macerich. The REIT subsequently said that to its knowledge, reports of the potential deal were "not accurate."