General Growth Properties Inc. (GGP)

[justthefactsmam]

ggp eyeing public offering?

General Growth eyeing public market for exit -source
Thu Feb 18, 2010 2:10pm EST
NEW YORK, Feb 18 (Reuters) - Mall operator General Growth Properties (GGWPQ.PK) is looking to raise $1 billion to $2 billion from public markets to fund its exit from bankruptcy, a source familiar with the situation said on Thursday.
General Growth offered Simon Property Group (SPG.N), which has made a $10 billion offer to buy General Growth, a non disclosure agreement in December, but Simon did accept it, said the source, who requested anonymity because the talks are not public.

Simon went public with its offer for General Growth on Tuesday. The trigger behind Simon's move was the worry that General Growth would succeed in raising the funds it needs to exit from bankruptcy in a few weeks, the source said.

Simon and General Growth did not have have an immediate comment. (Reporting by Paritosh Bansal, additional reporting by Ilaina Jonas; Editing by Derek Caney) (For more M&A news and our DealZone blog, go to www.reuters.com/deals)