GGP Rejects Investor's Push For Sale To Simon Property

Law360, New York (September 11, 2012, 5:03 PM EDT) -- Shopping mall giant General Growth Properties Inc. on Monday said a sale of the company now would jeopardize 18 months of recovery and future success, rejecting a recent push from investor William Ackman to sell to bigger rival Simon Property Group Inc.

In a letter to Ackman filed with the U.S. Securities and Exchange Commission, GGP’s board of directors expressed optimism for the recapitalization plan the company has put in place since emerging from bankruptcy in late 2010, citing positives such as increased shareholder value, positive...
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