Simon Bids for General Growth |
Wall Street Journal - Feb 16, 2010 |
Mall giant Simon Property Group Inc. on Tuesday announced it has offered $10 billion to acquire struggling rival General Growth Properties Inc., possibly creating the largest U.S. owner of high-end malls.
General Growth also has been negotiating with Canadian real-estate concern Brookfield Asset Management Inc. about Brookfield providing General Growth billions of dollars in capital to emerge from bankruptcy-court protection. The decision of whether to go with Simon or Brookfield is for General Growth's board to make, with the company's creditors and the bankruptcy judge getting a say on the final decision.
Indianapolis-based Simon, which owns more than 300 U.S. malls, has offered to pay off General Growth's $7 billion in unsecured debt in cash or stock. Simon also would pay $6 a share to General Growth's shareholders and the equivalent of $3 a share to pay its remaining obligations to the heirs of billionaire tycoon Howard Hughes for a massive residential development in Las Vegas. General Growth's stock closed at $9.40 on Friday in trading on the so-called Pink Sheets.
Read Full Article from Wall Street Journal
- Posted: 2010-02-16 11:30:28
More Stock Investor Place Company News |
|
|
|
Stock Investor Place Company News Archive |
|
|