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Strategies & Market Trends : Simon Property Group, Inc. (SPG)

SPG 176.79

-1.7%

Oct 28 3:59 PM EDT

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From: JakeStraw	2/16/2010 9:13:44 AM
	of 5

Mall owner Simon Properties makes $10B offer to buy General Growth out of bankruptcy finance.yahoo.com On Tuesday February 16, 2010, 8:21 am INDIANAPOLIS (AP) -- Mall owner Simon Property Group said Tuesday that it made a $10 billion offer to acquire its ailing rival, General Growth Properties. The real estate company said its bid totals $7 billion to creditors and about $3 billion to General Growth shareholders. Simon also said its offer might be amended so shareholders could receive Simon stock instead of cash. The offer amounts to $9 per share for the Chicago real estate company, which filed for Chapter 11 bankruptcy protection last year. Parts of its plan to restructure $10.25 billion in debt related to 103 properties were approved in December. Simon submitted its offer to the nation's second-largest mall owner Feb. 8. But it made the offer public Tuesday, claiming it had not yet received a "substantive response" from executives. A spokesman for General Growth, which owns or manages more than 200 U.S. malls, had no immediate comment on the deal.

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