News
SIMON MAKES $10B MOVE ON GGP
February 17, 2010
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| This morning, we snapped this picture of South Street Seaport. Together withStaten Island Mall, and NJ’s Bridgewater Commons, Paramus Park, Willowbrook Mall, and Woodbridge Center, it could be affected by Simon Property Group's announcement that it made a written offer to acquire the troubled General Growth Properties in a fully financed transaction valued at over $10B. What does that mean for GGP shareholders? Over $9 per share, including $6 per share in cash and assets valued at more than $3 per share. GGP responded that it will continue to explore all potential alternatives to emerge from bankruptcy, including a standalone restructuring funded with institutional equity capital and potential business combinations. But it invited Simon to participate in the process, so we'll wait to see what's in store (sorry, we couldn't help the pun). |
