Followers | 12 |
Posts | 1297 |
Boards Moderated | 0 |
Alias Born | 04/02/2009 |
![](http://investorshub.advfn.com/images/default_ih_profile2_4848.jpg?cb=0)
Friday, May 07, 2010 7:57:50 AM
General Growth expected to back Brookfield offer
Companies:BROOKFIELD LVTG-AGeneral Growth Properties Inc.Simon Property Group Inc. Topics:Legal / Law Matters
A woman leaves a restaurant at Tyson's Galleria shopping mall in McLean, Virginia in this April 16, 2009 file photo. REUTERS/Jim Young
By Paritosh Bansal
NEW YORK (Reuters) - General Growth Properties Inc (NYSE:GGP - News) is expected to ask a bankruptcy court on Friday to approve an investment led by Brookfield Asset Management Inc (Toronto:BAMA.TO - News), after reducing a warrants package by 14 percent, a source familiar with the situation said.
The move would be a setback for Simon Property Group Inc (NYSE:SPG - News), which raised its bid for General Growth, hoping its "best and final" offer would persuade the target to favor its deal.
General Growth believes that court approval of the Brookfield-led bid would protect its downside and give it greater flexibility in negotiating with Simon Property Group Inc (NYSE:SPG - News), which has bid $6.5 billion to buy all of the company, the source said.
General Growth, however, understands that the warrants, which are worth several hundred million dollars, are a liability for another suitor and would be willing to negotiate with Simon on a price that adjusts for them, the source said.
The investment gives General Growth room to negotiate around antitrust issues with Simon that could arise from a merger of the two largest U.S. mall owners, the source said.
William Ackman's Pershing Square Capital Management, which has committed to invest in General Growth alongside Brookfield, agreed to forgo its interim warrants, reducing the overall package by 14 percent, the source said.
Fairholme Capital Management, the other investor in the group, and Brookfield will still have their warrants, the source said.
The source declined to be named because the talks are not public.
(Reporting by Paritosh Bansal; Editing by Derek Caney)
Recent GGP News
- Greatland Gold PLC Chief Financial Officer Appointment • RNS Regulatory News • 07/01/2024 06:46:30 AM
- Windward wins deal; Kodal progresses at Bougouni • Alliance News • 05/23/2024 08:25:22 PM
- Greatland Gold PLC Mt Egerton grant of Exploration Licence • RNS Regulatory News • 05/23/2024 06:00:15 AM
- Greatland Gold PLC Corporate Presentation • RNS Regulatory News • 05/01/2024 08:27:18 AM
- Greatland Gold touts progress at Havieron as total development rises • Alliance News • 04/30/2024 11:03:28 AM
- Greatland Gold PLC Havieron March Quarter Update • RNS Regulatory News • 04/30/2024 06:00:19 AM
- Norcros sells Johnson Tiles UK; Trifast trading well • Alliance News • 04/25/2024 07:57:54 PM
- Greatland Gold PLC Ernest Giles grant of Exploration Licence E38/3775 • RNS Regulatory News • 04/25/2024 06:00:13 AM
- Greatland Gold annual loss narrows but reports higher costs • Alliance News • 03/05/2024 11:52:41 AM
- Greatland Gold PLC Corporate Presentation • RNS Regulatory News • 03/05/2024 08:54:27 AM
- Greatland Gold PLC Half-Year Financial Report • RNS Regulatory News • 03/05/2024 08:47:33 AM
- Greatland Gold PLC Half-year Report • RNS Regulatory News • 03/05/2024 07:00:12 AM
- Greatland Gold PLC Corporate Presentation • RNS Regulatory News • 02/26/2024 09:08:16 AM
- Greatland Gold celebrates updated Havieron gold estimate • Alliance News • 02/22/2024 02:33:55 PM
- Greatland Gold PLC Newmont Annual Reserves & Resources Statement • RNS Regulatory News • 02/22/2024 01:47:51 PM
- Greatland Gold PLC Corporate Presentation • RNS Regulatory News • 02/14/2024 02:58:46 PM
- Greatland Gold confirms gold mineralisation at Ernest Giles project • Alliance News • 02/08/2024 09:43:25 AM
- Greatland Gold PLC Results of drilling at Ernest Giles • RNS Regulatory News • 02/08/2024 07:00:10 AM
- Greatland Gold PLC Havieron updated Interactive 3D Model • RNS Non-Regulatory • 02/06/2024 07:52:16 AM
- Greatland Gold PLC Block listing Interim Review • RNS Regulatory News • 02/06/2024 07:40:45 AM
- Greatland Gold says Haveiron project benefiting from Newmont support • Alliance News • 01/25/2024 02:11:07 PM
- Greatland Gold PLC Havieron Quarterly Update • RNS Regulatory News • 01/25/2024 07:00:09 AM
- Greatland Gold reports increased gold content at Haveiron project • Alliance News • 12/21/2023 10:58:02 AM
- Greatland Gold PLC Havieron Mineral Resource Estimate Update • UK Regulatory • 12/21/2023 07:00:00 AM
- Greatland Gold finds anomalous gold and copper at Scallywag tenement • Alliance News • 12/13/2023 10:38:55 AM
Glidelogic Corp. Becomes TikTok Shop Partner, Opening a New Chapter in E-commerce Services • GDLG • Jul 5, 2024 7:09 AM
Freedom Holdings Corporate Update; Announces Management Has Signed Letter of Intent • FHLD • Jul 3, 2024 9:00 AM
EWRC's 21 Moves Gaming Studios Moves to SONY Pictures Studios and Green Lights Development of a Third Upcoming Game • EWRC • Jul 2, 2024 8:00 AM
BNCM and DELEX Healthcare Group Announce Strategic Merger to Drive Expansion and Growth • BNCM • Jul 2, 2024 7:19 AM
NUBURU Announces Upcoming TV Interview Featuring CEO Brian Knaley on Fox Business, Bloomberg TV, and Newsmax TV as Sponsored Programming • BURU • Jul 1, 2024 1:57 PM
Mass Megawatts Announces $220,500 Debt Cancellation Agreement to Improve Financing and Sales of a New Product to be Announced on July 11 • MMMW • Jun 28, 2024 7:30 AM