Simon ups General Growth bid by $1.1B

New York /
Apr.April 22, 2010 09:19 AM

Still hoping that bankrupt mall owner General Growth Properties will have a change of heart, rival Simon Property Group has upped its takeover plan by $1.1 billion and added four financial backers to its proposal. General Growth, which balked at Simon’s $10 billion February buyout offer, has since backed a proposal by Brookfield Asset Management. The additional investment by Simon, which said last week it would match the terms of Brookfield’s proposal, comes on top of the $2.5 billion the company has already pledged, plus $1 billion from New York hedge fund Paulson & Co. ING Clarion Real Estate Securities, Taconic Capital Advisors, Oak Hill Advisors and Deutsche Bank AG’s RREEF unit will also join the plan. Critics have said a Simon takeover would raise antitrust issues. “Would Pepsi allow Coke to become its largest shareholder?” asked Cryus Madon, Brookfield’s senior managing partner. CEO David Simon is reportedly scheduled to meet with General Growth officials today in Chicago. [Bloomberg]


Related Articles

arrow_forward_ios
660 Fifth Avenue in Manhattan and Macquarie Group's Shemara Wikramanayake (Brookfield Properties, iStock, Macquarie Group, Illustration by Kevin Cifuentes for The Real Deal)
Brookfield signs first tenant at 660 Fifth Avenue
Brookfield signs first tenant at 660 Fifth Avenue
Material Bank's founder and CEO Adam Sandow (Material Bank)
Design supplies marketplace Material Bank worth $1.9B after fundraise
Design supplies marketplace Material Bank worth $1.9B after fundraise
235 Park Avenue and 308 West 133rd Street (Google Maps, iStock)
Brookfield’s $90M self-storage spree leads NYC investment sales
Brookfield’s $90M self-storage spree leads NYC investment sales
(Nelligan White Architects, Emporis, LoopNet, iStock/Photo Illustration by Steven Dilakian for The Real Deal)
Affordable housing tops outer-borough loans with $1.4B for NYCHA upgrades
Affordable housing tops outer-borough loans with $1.4B for NYCHA upgrades
Christian Sewing, chief executive officer, Deutsche Bank, in front of 1 Columbus Circle (Getty Images, OptimumPx, Public domain, via Wikimedia Commons/Photo Illustration by Steven Dilakian for The Real Deal)
Deutsche Bank delays $1.5B CMBS deal tied to HQ
Deutsche Bank delays $1.5B CMBS deal tied to HQ
Brookfield eyes breaking off asset management business
Brookfield eyes breaking off asset management business
Brookfield eyes breaking off asset management business
“We kicked the crap out of ‘21”: Largest U.S. mall owner claims comeback
“We kicked the crap out of ‘21”: Largest U.S. mall owner claims comeback
“We kicked the crap out of ‘21”: Largest U.S. mall owner claims comeback
From left: Brian Gevry, chief executive officer, Boyd Watterson Asset Management; Bruce Flatt, chief executive officer, Brookfield Asset Management (Boyd Watterson Asset Management, Brookfield Asset Management, LoopNet)
Cleveland investor makes big NY entrance with $310M MetroTech buy
Cleveland investor makes big NY entrance with $310M MetroTech buy
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...