BOSTON (MarketWatch) -- Simon Property Group Inc. (SPG 74.44, +2.26, +3.13%) has hired investment adviser Lazard Ltd. and law firm Wachtell, Lipton, Rosen & Katz to explore a potential bid for all or part of General Growth Properties Inc. /quotes/comstock/11i!ggwpq (GGWPQ 5.50, +1.23, +28.81%) , which filed for bankruptcy in April, The Wall Street Journal reported Wednesday. Real estate investment trust Simon's interest in General Growth could lead to a takeover struggle as General Growth prepares a plan to restructure and exit from bankruptcy, the newspaper reported. Mall operator General Growth sought bankruptcy protection after it was unable to refinance a crushing debt load in the credit crisis. Pink-sheet-listed shares of General Growth surged 40% in morning trade Wednesday, while Simon shares were up nearly 2%.