5/10/2010

Simon Property Group has pulled out of the competition for General Growth Properties now that a bankruptcy judge has approved GGP's preferred option -- a rival offer from Brookfield Asset Management. That $6.5 billion recapitalization plan includes a capital infusion from Brookfield, Fairholme Capital Management and Pershing Square Capital Management. Another company could conceivably bid for GGP, but it would have to top Brookfield's offer.

Related Summaries