General Growth jumps with Pershing's acquisition of stake

11/26/2008 | Bloomberg

Shares of General Growth Properties jumped 36% Tuesday after William Ackman's Pershing Square Capital Management LP bought a 20% interest through shares and swaps. Shares of the mall operator closed at $1.36 on the New York Stock Exchange Tuesday, up 36 cents. Pershing's acquisition "is the first sign that any investor has expressed a strong interest in the company or sees significant value beyond the mountain of debt," Merrill Lynch & Co. analysts Steve Sakwa and Craig Schmidt said in a note to clients.

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