At a conference this week Simon Property Group leader David Simon made it clear that the thinks Geneneral Growth Properties sharholders should have taken his buyout proposal last year. The final offer, in May, totaled $6.5 billion, or $20 per share.

But General Growth decided to pick an offer by Brookfield Asset Mangement instead. Based on Simon's calculations, General Growth shares would be worth between $21.50 and $22 each instead of the $15 mark where they currently hover.

However, one commenter on the Wall Street Journal article linked above points out that since shareholders also got shares of spin off company Howard Hughes Corp., which owns Manhattan's South Street Seaport, the Woodlands development near Houston and other high-profile assets, share trading closer to $21.

Regardless of the Wall Street value, how much differently would the portfolio be run today if Simon had control over it? Would its management be more effective than General Growth's and its new leader, Sandeep Mathrani? One thing is for sure, Simon would be even more hugantic than it is now, as the largest mall and outlet-center owner. What would be next, a buyout of Tanger Factor Outlets to completely dominate?

Or did General Growth go the right route staying somewhat "independent?"