Widow alleges in a new court filing that a former nurse aide for Melvin Simon stole a confidential medical
log and unlawfully
turned it over to attorneys representing one of Simon's children from a previous marriage.
The jury in South Bend ruled in favor of the Porter County couple and against mall owner Simon Property Management and its
maintenance company, Varsity Contractors.
Indianapolis-based Simon Property Group Inc. has withdrawn its offer for General Growth Properties Inc. after a bankruptcy
court judge approved a sale process that gives an advantage to a group lead by rival bidder Brookfield Asset Management Inc.
General Growth Properties Inc. rejected Simon Property Group Inc.’s “best and final” offer.
Simon Property says its latest offer is worth $6.5 billion, or $20 a share, for General Growth. It had last offered $18.25
a share.
General Growth said the hearing before U.S. Bankruptcy Judge Allan Gropper has been moved from Wednesday to Friday.
The latest proposal is the Indianapolis-based company’s third attempt to buy or gain a piece of the No. 2 mall owner.
General Growth Properties Inc. plans to back a revised bankruptcy exit plan proposed by Brookfield Asset Management Inc. over
a competing offer by Simon Property Group Inc.
Some retail tenants of outlet malls are concerned about Simon gaining too much market power should its acquisition of Prime
Outlets be approved.
Funds from operations fell to $325.6 million, or 94 cents a share, from $476.8 million, or $1.61 a year earlier, the Indianapolis-based
shopping mall giant said Friday morning.
Simon Property Group and Blackstone Group LP are in “ongoing discussions” for an investment in General Growth after the mall
operator turned down a $10 billion takeover bid from Simon in February, CEO David Simon said.
General Growth Properties Inc., the second-biggest U.S. mall owner, said a bankruptcy court hearing on its auction process
will be delayed five days to give the company time to consider competing bids, including one from Indianapolis-based Simon
Property Group.
Simon Property Group Inc. added four backers to its proposal to help rival mall owner General Growth Properties Inc. emerge
from bankruptcy, increasing the plan’s total investment by $1.1 billion.
Melvin Simon’s daughter Deborah is lashing out at her stepmother Bren in a new court filing, saying she was “mentally
and verbally abusive” toward the billionaire late in his life and kept him isolated from friends and family.
Texas-based Tilt Family Entertainment acquires GameWorks chain, which closed last month, leaving gaping hole on fourth floor
of mall.
Bid to invest in General Growth Properties would give Simon too much control over its biggest competitor, said
fund manager Bruce Berkowitz, who’s backing a rival plan.
General Growth Properties Inc. is seeking a higher price, fewer stock warrants or both from Brookfield Asset Management Inc.
after its bankruptcy exit plan was matched by Simon Property Group Inc.
Simon Property Group upped its offer for rival General Growth Properties Inc., pledging to invest $2.5 billion in a reorganization
and match the terms of a bankruptcy exit plan led by Brookfield Asset Management Inc.
Shares in General Growth Properties Inc., the second-biggest U.S. mall owner, fell as much as 6.7 percent Monday morning after
a newsletter report that Simon Property Group Inc. may abandon a takeover bid for its smaller rival.
The 20,000-square-foot estate is in the ritzy neighborhood’s most prestigious area,
and boasts eight bedrooms and 16 bathrooms.
