Mall owner Simon Property makes ‘best and final’ offer of $20 a share for General Growth
By APThursday, May 6, 2010
Simon Property makes ‘final’ General Growth offer
INDIANAPOLIS — Mall owner Simon Property Group Inc. has made what it is calling its “best and final” offer to acquire its biggest rival, General Growth Properties.
Simon Properties says its latest offer is worth $6.5 billion, or $20 a share, for General Growth. It had last offered $18.25 a share.
It says the latest offer tops a rival bid from a group led by Brookfield Asset Management. A bankruptcy-court hearing is scheduled Friday to weigh General Growth’s request to have Brookfield’s proposal approved.
General Growth is the nation’s second-largest mall operator with more than 200 centers in 43 states. When it sought shelter from creditors a year ago, it was the largest real estate bankruptcy in U.S. history.
