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CHICAGO-Ignoring a massive bid raise by Simon Property Group at the last minute, locally-based General Growth Properties has instead stuck to its plan to partner with Brookfield Asset Management in its reorganization request. US Bankruptcy Court Juidge Allan Gropper, of the Southern New York District, approved the Brookfield plan in a hearing today.

Simon had offered $20 a share to take over GGP, even though General Growth hasn’t seen that price since late 2008. Since the hearing started at 10 a.m. this morning, GGP’s stock fell from $15.80 per share to a low of $14.

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