American operators of fancy retail complexes are showing similarities to far-flung bazaar traders. The mall owner Macerich rejected an unwanted $22 billion takeover bid from a larger rival, the Simon Property Group. The premium offered may be less valuable than claimed. Even so, the target company’s response is the more disingenuous.

Simon bought a small stake in Macerich last summer, before making public a $91-a-share offer for the whole company last week. It spoke of a 30 percent bump in the stock price of its quarry when Simon’s initial investment was first revealed in mid-November. Around that time, Macerich valued its shares at $71 apiece in a deal with the Ontario Teachers’ Pension Plan.

By March 4, when The Wall Street Journal reported that Simon had made a takeover approach, Macerich shares were trading at about $84. Some of the increase was probably because of Simon’s interest, but there could be other reasons Macerich stock has outperformed its peers. For instance, it was the host of an investor day on Nov. 18 that showcased its improving balance sheet and collection of shopping centers. At the very least, Simon has picked the top of the available range to assess the extra money it is offering for control.

Macerich has not been entirely straightforward either. For years, the company has put its directors up for a vote annually, but it just staggered its board so that a third of them are elected each year. The change is allowed without a shareholder vote in Maryland, where the real estate investment trust is incorporated. The move prevents Simon from taking full control of the Macerich board with a slate of its own.