THANKS BUT NO THANKS: General Growth Properties Inc. wants to carry on with its own plans. Activist investor William Ackman has been trying to organize a takeover of the mall giant with Simon Property Group Inc. since October. But Sandeep Mathrani, chief executive officer, sent Ackman a letter Monday noting that the company’s just starting to perk up. “The Board has unanimously determined that the best value for all shareholders will be achieved by GGP continuing to execute on its well-conceived business plan,” the ceo said in the letter, filed with the Securities and Exchange Commission. He also noted that Brookfield Asset Management is bound by a shareholder agreement that includes safeguards related to control of the company.
Ackman has argued that “it is only a matter of time before Brookfield de facto controls the company” given dividend payments.
This story first appeared in the September 11, 2012 issue of WWD. Subscribe Today.