Indianapolis-based Simon Property Group said it would withdraw its offer if the warrants were issued, the Times said.
Friday, May 7, 2010
General Growth Properties rejects Simon Property Group's latest overture
According to a New York Times report, General Growth’s attorneys 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.
Indianapolis-based Simon Property Group said it would withdraw its offer if the warrants were issued, the Times said.
Simon’s latest plan would offer $18.25 a share, and cash to eliminate General Growth’s $7 billion of unsecured debt. Simon would then take over $20 billion in mortgages for which General Growth’s malls are promised as collateral properties.
Indianapolis-based Simon Property Group said it would withdraw its offer if the warrants were issued, the Times said.
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