Simon Property Group Offers $10 Billion for General Growth Properties


Simon Property Group (SPG), the world's largest shopping mall operator, has offered $10 billion to acquire General Growth Properties (GGWPQ), its biggest competitor, which is currently working its way through bankruptcy.

Simon is prepared to pay $7 billion to General Growth's creditors and $3 billion to shareholders. The latter would get more than $9 a share, comprising $6 in cash and more than $3 worth of assets. Simon says the deal would help General Growth emerge from bankruptcy sooner.