The Real Deal Miami

Simon to raise the stakes in General Growth buyout bid

March 17, 2010 12:57PM

Simon Property Group is reportedly ready to up the ante in its bid to buy out rival shopping mall owner General Growth Properties over its competitors. General Growth, which owns Mizner Park in Boca Raton, filed for the biggest real estate bankruptcy in U.S. history last year with $27 billion in debt. Simon had offered
$10 billion
, or $9 per share, to buy out its bankrupt rival last month, but General Growth reportedly balked at what it said was a low-ball offer. Meanwhile, General Growth has praised another $2.5 billion offer from Brookfield Asset Management
that amounts to $15 per share. The deal, which is pending bankruptcy court approval, would also split the company in two and give Brookfield a 30 percent stake. Simon’s new offer for more than $15 per share could come as early as this week, the Associated Press reported. [AP via Crain’s]