New Simon Offer Complicates GGP Love Triangle

Law360, New York (May 4, 2010, 3:45 PM EDT) -- Mall owner Simon Property Group Inc. has reportedly doubled its offer for bankrupt rival General Growth Properties Inc.'s stock, but for now GGP is sticking with a nearly $7 billion equity commitment from an investment team led by Brookfield Asset Management Inc.

Simon bid $18.25 per share for GGP this week, compared to $9 per share the company bid when it made its first offer for GGP in February, sources familiar with the matter told Reuters on Monday.

Under the proposal, Simon and private equity firm...
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