Ackman Backs Off On Push To Sell General Growth Properties

Law360, New York (January 3, 2013, 2:29 PM EST) -- Investor Bill Ackman agreed on Thursday to sell part of his stake in General Growth Properties Inc. to Brookfield Asset Management Inc. and to stop pushing the mall operator to sell itself to its biggest rival.

Ackman's Pershing Square Capital Management LP sold Brookfield its warrants to buy 18.4 million General Growth shares. The New York-based hedge fund also agreed to keep its stake below 9.9 percent for at least four years and become a passive shareholder, promising not to lobby for a sale or any...
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