$10B Mall Merger Would Propel GGP Out Of Ch. 11

By Jesse Greenspan

Law360, New York (February 16, 2010, 6:07 PM ET) -- Mall operator Simon Property Group Inc. has made public a $10 billion offer to acquire bankrupt rival General Growth Properties Inc. and to provide its unsecured creditors with a 100 percent cash recovery.

Indianapolis-based Simon said Tuesday that under the deal, General Growth's shareholders would receive more than $9 per share, including about $6 per share in cash. Simon also is prepared to offer equity instead of cash to those who would prefer to own Simon stock, according to the company.

Meanwhile, the deal allegedly would...
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