General Growth Properties rejects Simon Property Group's latest overture

According to a New York Times report, General Growth’s attorneys have asked the U.S. Bankruptcy Court to give Brookfield “stalking horse” status, which would set a baseline for competing bids. It also wants to issue warrants to the Brookfield plan’s sponsors, according to the story.

Indianapolis-based Simon Property Group said it would withdraw its offer if the warrants were issued, the Times said.

Simon’s latest plan would offer $18.25 a share, and cash to eliminate General Growth’s $7 billion of unsecured debt. Simon would then take over $20 billion in mortgages for which General Growth’s malls are promised as collateral properties.

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