CHICAGO – General Growth Properties, the owner of Providence Place, wants a better deal from Brookfield Asset Management Inc., which offered to help GGP pull itself out of bankruptcy.
Citing unnamed sources, Bloomberg News reported that the request for a higher price or fewer stock warrants came after rival mall operator Simon Property Group raised its offer for GGP.
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In February, GGP rejected a $10 billion takeover offer proposed by Simon. But earlier this month, Indianapolis-based Simon offered to replace the Brookfield-led group in financing General Growth’s reorganization and match those terms. At the time, Simon said it would purchase 250 million shares at $10 each.
The hedge fund Paulson & Co. would contribute an additional $1 billion on top of Simon’s $2.5 billion, and the revised deal would not require General Growth to issue warrants.
GGP has expressed an interest in the past to emerge from bankruptcy as an independent company and it was unclear Friday which plan the company would support when it returns to bankruptcy court later this month.
