INDIANAPOLIS — Simon Property Group is calling off its hostile $16.8 billion takeover bid for Macerich, which would have tied together two of the nation’s largest mall operators.

The Indianapolis company upped its bid two weeks ago to $95.50 per share from $91, calling that its best and final offer and giving Macerich an April 1 deadline to respond. The new offer was valued at $23.2 billion counting debt.

Simon announced late Tuesday night it had withdrawn the offer, shortly after Macerich’s board unanimously rejected the bid.