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.

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