posted on May 14, 2010 01:22
General Growth Properties has once again rebuffed Highland Mall co-owner Simon Property Group’s offer to buy the company, asking the bankruptcy court instead to consider a merger with Brookfield Asset Management.
According to a report in the New York Times, General Growth’s lawyers have asked the U.S. Bankruptcy Court to give Brookfield “stalking horse” status, which would set a baseline for competing bids. It also wants to issue warrants to the Brookfield plan’s sponsors, according to the story.
Simon said it would withdraw its offer if the warrants were issued, the Times said.
The shopping mall giant, which owns Central Texas largest malls including Prime Outlets in San Marcos, began its pursuit of General Growth in February, making several offers, including the latest buy-out offer with the Blackstone Group valued at about $33.5 billion.
General Growth, which owns mall properties nationwide, filed for Chapter 11 bankruptcy last April.
May 7th, 2010 | Austin Business Journal