Simon weighs new bid for General Growth

Posted March 16, 2010 at 5:28 p.m.

Associated Press | Two people familiar with the matter say shopping mall operator Simon Property Group Inc. is considering raising its $10 billion buyout offer for rival General Growth Properties Inc. as early as this week.

The two people familiar with a letter sent by Simon this week to General Growth say Simon anticipates boosting its offer above that of a deal put forth by a group of investors that includes two of General Growth’s biggest creditors.


That means a new Simon offer would have to value General Growth above
$15 a share.

Chicago-based General Growth, the nation’s second-largest shopping mall
operator, sought shelter from creditors last April. It was the largest
real estate bankruptcy in U.S. history.

 

One comment:

  1. jesabol March 17, 2010 at 11:36 a.m.

    Let Simon do this and they’ll become the “Giant Too Big To Fail” in the next few decades, just like the Wall Street Banks of this decade…..the US Treasury/Government & tax-payers will end up bailing Simon out too. DO NOT LET THIS MERGER HAPPEN!!!! General Growth will recover.