Simon had submitted a buyout offer before, and its proposals have grown as GGP has shown time and again that it instead approves of a $6.5 billion reorganization plan by Brookfield Asset Management , based in Toronto. However, as Brookfield's scenario pays $15 per share to create two companies, Simon's recent offer would pay $18.25 per share, as well as the payment and assumption of debt to the tune of $27 billion, for a value of $33 billion, according to the WSJ story. There are possible anti-trust issues if Simon was to acquire GGP, though David Simon has said these issues can be overcome.
Though GGP officials such as CEO Adam Metz have repeatedly stated that the trust would prefer not to turn its properties over to its main rival, shareholder pressure could push the pendulum of cash payout over to the Simon offer. You can read the WSJ story here.
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