CHICAGO-Simon Property Group formally announced its “best and final offer” to takeover or help reorganize locally-based General Growth Properties Thursday. Simon released a letter sent that day to GGP officers with a promise of paying $6.5 billion, or about $20 per share for the company, slightly more than $4 per share higher than GGP stock closed at on Thursday at $15.80.

It was labeled a last offer because GGP is scheduled to appear this morning before US Bankruptcy Court Judge Allan Gropper, of the New York Southern District, to decide between Simon’s offer and a reorganization plan proposed by Toronto-based Brookfield Asset Management. General Growth has said repeatedly that it favors the Brookfield plan, but Simon has also increased its bid several times, starting from $9 per share in early February.

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

Once you are an ALM digital member, you’ll receive:

  • 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

*May exclude premium content
Already have an account?


NOT FOR REPRINT

© 2023 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.

 

GlobeSt Net Lease Spring 2024Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2023 ALM Global, LLC. All Rights Reserved.