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
Deutsche Bank CEO Christian Sewing (Getty Images)
Time Warner Center is now the Deutsche Bank Center
Time Warner Center is now the Deutsche Bank Center
The complaint against the tower includes loss of views for current residents in the neighborhood. (Getty)
Seaport community groups sue to block Howard Hughes’ Water Street tower
Seaport community groups sue to block Howard Hughes’ Water Street tower
Major real estate stocks ended in negative territory this week. (Getty)
Real estate stocks, markets jittery over inflation
Real estate stocks, markets jittery over inflation
Brookfield Asset Management’s Bruce Flatt (iStock)
Brookfield posts record FFO in Q1 — but not because of real estate
Brookfield posts record FFO in Q1 — but not because of real estate
Simon Property Group CEO David Simon. (Getty, Simon)
Simon says suburbia is hot, raises guidance for 2021
Simon says suburbia is hot, raises guidance for 2021
The Howard Hughes Corporation CEO David O'Reilly (LinkedIn via David O'Reilly)
Howard Hughes’ (slightly less) big Seaport project approved
Howard Hughes’ (slightly less) big Seaport project approved
Deutsche Bank Chief Financial Officer James von Moltke (Getty)
Deutsche Bank eyes hybrid model while JPMorgan plans office return
Deutsche Bank eyes hybrid model while JPMorgan plans office return
REIT Privatization Activity Heats Up
To REIT or not to REIT
To REIT or not to REIT
arrow_forward_ios

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

Loading...