New York Postconsideringa bid.

|

Simon has offered $10 billion for GGP, with New York City-basedBlackstone Properties rumored to join Simon as a financial backer,but the locally-based mall REIT instead said it would ratherpartner with Brookfield on an $8.4 billion reorganization plan.Vornado, led by CEO Michael Fascitelli, could join the Brookfieldbid and in turn acquire some of GGP's malls, the Post reported. AVornado spokesperson did not return a call for comment byGlobeSt.com.

|

The New York Times reported today that Simon hascriticized GGP shareholder William Ackman, who has promised thathis hedge fund, Pershing Square Management, would help protectBrookfield in the partnership deal. In a bankruptcy court filing,GGP's unsecured creditors, joined by Simon, say that Ackman'spromise is a conflict of interest. Read that story here.

|

The bidding companies can put in their plans by May 19, said GGPin a recent bankruptcy court filing. According to the court-filedtimeline, the REIT has said it will have creditors vote on atakeover or reorganization plan on Sept. 20, with Oct. 5 requestedby GGP for the court to approve or disapprove the vote. Read aboutVornado's possible bid here.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.