The plan by Toronto-based Brookfield Asset Management would give General Growth Properties a higher valuation than a $10 billion
takeover bid by Simon Property Group.
Brookfield Asset Management Inc. plans to bid for a stake in General Growth Properties Inc., beating an offer by Indianapolis-based
Simon Property Group Inc. for the bankrupt shopping mall owner, the Wall Street Journal reported.
Directors at Chicago-based General Growth Properties Inc. are being sued by a shareholder claiming they shouldn’t have
rejected a $10 billion buyout offer from competitor Simon Property Group Inc.
Blackstone Group LP, the world’s largest private-equity firm, may join Simon Property Group Inc.’s bid to buy bankrupt
General Growth Properties Inc., according to two people with knowledge of the discussions.
Simon Property Group Inc. already is known for playing hardball with mall tenants over rent. So national retailers like The
Gap Inc. and Limited Brands Inc. will be bracing for future lease negotiations if the nation’s largest mall owner succeeds
in a $10 billion bid to take over its nearest rival, the bankrupt General Growth Properties Inc.
Mike Ciresi, who’s representing widow Bren Simon, helped win a $6 billion settlement from the tobacco industry.
Simon’s warning was delivered in a letter sent to General Growth a day after the company essentially rebuffed Simon’s hostile
takeover bid.
Simon Property Group Inc. will have to wait in line with other potential bidders and raise its offer if it wants to land bankrupt
rival General Growth Properties Inc., the Chicago-based company said in a letter late Tuesday.
Wall Street today is cheering Simon Property Group Inc.’s giant bet on the future of retail real estate, a sector that
appeared left for dead just months ago. The nation’s largest mall owner has offered $10 billion to take over its
nearest rival, Chicago-based General Growth Properties Inc., which is in bankruptcy.
Deal to acquire competitor would be largest ever for Simon Property Group, already the nation’s largest mall operator.
In a move not necessarily stranger than fiction, Herb Simon has bought Kirkus Reviews, the venerable journal of prepublication
book reviews. The owner of the Indiana Pacers co-owns an independent bookstore in California and is described as a voracious
reader.
A Ball State architect thinks Indianapolis residents will like what they see in the new J.W. Marriott hotel downtown and beat
drums for more interesting buildings.
The company raised its average rent per square foot at both regional malls and outlet centers even as U.S. consumer spending
flagged.
Quarterly revenue remained flat at about $1 billion, but profit fell 41 percent, from $196.4 million to $115.9 million.
Unibail-Rodamco SE, Europe’s biggest shopping-center owner, has agreed to pay Simon Property Group and Ivanhoe Cambridge Inc.
$981 million for stakes in seven malls in France and Poland.
Melvin Simon’s daughter, who’s seeking to remove her stepmother from overseeing a trust that holds her late father Melvin’s
fortune, says a corporate trustee is a better option than brother David Simon or family financial adviser Bruce Jacobson.
Simon Property Group Inc. is suing Bren Simon, the widow of company founder Melvin Simon, over her effort to convert part
of her late husband’s ownership stake in the publicly traded mall giant into common shares or cash.
Simon will fund the purchase with available cash plus proceeds from the sale of $2.25 billion in senior unsecured notes.
Proceeds from the offering will be used for general corporate purposes and to fund the purchase of senior notes.
Mel Simon, who
died at 82 on Sept. 16, changed how America shops. He was chairman emeritus of locally
based Simon Property Group Inc., the nation’s largest owner of retail real estate.
