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GGP Rejects Simon Offer

Invites suitor to 'participate in our process.'

Bankrupt mall operator General Growth Properties Inc. today declined Simon Property Group Inc.’s $10 billion offer to purchase the firm.

 

The move came a day after Simon chairman and chief executive officer David Simon urged serious talks between the two biggest U.S. mall operators.

 

GGP ceo Adam Metz said in a letter to his counterpart that Simon’s “objectives are not aligned with ours,” but added he hoped Simon would participate in the restructuring process getting underway.

 

“As we have previously stated, 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,” Metz wrote.

 

Simon made its unsolicited offer on Tuesday.


For complete coverage, see Friday’s issue of WWD.