Simon Property Group Inc. said it offered to buy General Growth Properties Inc. for more than $10 billion, taking public a bid after receiving no “substantive response” to private correspondence.
About $9 billion of the bid is in cash, Indianapolis-based Simon said in a statement today. All unsecured creditors including some bondholders and lenders would be repaid in full at a cost of about $7 billion, Simon said. Shareholders of General Growth, which filed for bankruptcy last year, would get the equivalent of about $9 a share, including $6 in cash, according to the statement.
Tuesday, February 16, 2010
Simon Property Offers $10 Billion for General Growth
Bloomberg reports:
