SAN FRANCISCO (MarketWatch) -- General Growth Properties Inc. on Thursday rebuffed Simon Property's recent overtures, suggesting that the bankrupt real estate company may be holding out for a better deal.
"Our objective is to maximize value for the company and its stakeholders and we are engaging in a process that is intended to accomplish that result in an expeditious manner," General Growth CEO Adam Mentz wrote in a letter to David Simon, chairman and CEO of Simon Property Group Inc.
"Understandably, your objectives are not aligned with ours. We hope you will, nonetheless, participate in our process," he explained.
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