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Simon Raises Bid for GGP


Simon Property Group is not giving up without a fight. Shortly after General Growth announced that it still preferred Brookfield's offer, Simon came back with a revised buyout offer for the firm worth $18.25 per share.

Simon Property Group Inc. has offered to buy all of General Growth Properties Inc. for $18.25 per share, even as its bid to purchase a minority stake in its rival was rejected, sources familiar with the situation said on Monday.

General Growth said in a court filing on Monday it had accepted a recapitalization plan from Brookfield Asset Management over the Simon offer, but was reviewing Simon's proposal to buy all of the company, in the latest twist in the battle for the No. 2 U.S. mall owner.

Simon teamed up with Blackstone Group LP to make a cash and stock offer for all of General Growth and made the offer along with a separate bid to bankroll its rival's exit from bankruptcy, the sources said.

Blackstone has committed more than $1 billion to support a Simon deal for all of General Growth , one of the sources said.

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Elaine Misonzhnik

Senior associate editor Elaine Misonzhnik has been writing for National Real Estate Investor since June 2006 and has covered commercial real estate for more than 12 years. She first became...
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