{"id":1004017810,"date":"2010-02-16T09:23:10","date_gmt":"2010-02-16T17:23:10","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004017810"},"modified":"2022-12-07T12:49:51","modified_gmt":"2022-12-07T20:49:51","slug":"simon-makes-10b-bid-for-ggp","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/simon-makes-10b-bid-for-ggp\/","title":{"rendered":"Simon Makes $10B Bid for GGP"},"content":{"rendered":"<p>February 16, 2010<br \/>\nBy Allison Landa, News Editor<\/p>\n<div id=\"attachment_1004017811\" style=\"width: 160px\" class=\"wp-caption alignright\"><a class=\"highslide\" href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2010\/02\/Mall.jpg\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004017811\" data-attachment-id=\"1004017811\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/simon-makes-10b-bid-for-ggp\/mall\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2010\/02\/Mall.jpg\" data-orig-size=\"500,375\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"Mall\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Courtesy Flickr Creative Commons user Yuki_KG&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2010\/02\/Mall.jpg?w=500\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2010\/02\/Mall.jpg\" alt=\"\" title=\"Mall\" width=\"150\" height=\"150\" class=\"size-thumbnail wp-image-1004017811\" \/><\/a><p id=\"caption-attachment-1004017811\" class=\"wp-caption-text\">Courtesy Flickr Creative Commons user Yuki_KG<\/p><\/div>\n<p>As troubled shopping-mall REIT General Growth Properties struggles to regain its footing after bankruptcy reorganization, a possible buyer has emerged in the form of fellow mall owner Simon Property Group. <\/p>\n<p>Simon announced on Monday that it has made a $10 billion fully financed offer that includes $9 billion in cash. The offer would eliminate $7 billion in creditor debt, with General Growth shareholders receiving in excess of $9 per GGP share. That amount consists of $6 per share in cash as well as a distribution of GGP ownership valued at more than $3 per share, according to a statement.<\/p>\n<p>General Growth filed for bankruptcy in April 2009 in an attempt to restructure $27 billion of debt. The nation\u2019s second largest mall owner with more than 200 properties in 44 states, the company filed Chapter 11 bankruptcy after it failed to refinance the debt.<\/p>\n<p>Simon\u2019s bid is not entirely unexpected. In November, the company hired an investment adviser and law firm to explore the possibility of making a play for GGP. <\/p>\n<p>In a letter to GGP\u2019s board of directors, Simon chairman and CEO David Simon said that the company chose to make its offer public upon failing to receive an answer to its bid.<\/p>\n<p>\u201cWe have not received a substantive response to this offer from GGP or its advisors, nor any indication that you are prepared to enter into serious discussions so as to make our offer available to your shareholders and creditors,\u201d Simon wrote. <\/p>\n<p>\u201cWe urge you to instruct your management and financial and legal advisors to immediately engage seriously with us, so that GGP and its creditors and shareholders can obtain the benefit of our proposed transaction \u2013 which provides for full and fair payment to all constituencies, is not subject to an extended period of market risk or other unforeseeable contingencies, and does not entail dilution of GGP&#8217;s existing equity interests \u2013 and GGP can achieve a prompt and successful conclusion to its reorganization proceedings.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>As troubled shopping-mall REIT General Growth Properties struggles to regain its footing after bankruptcy reorganization, a possible buyer has emerged in the form of fellow mall owner Simon Property Group. <\/p>\n","protected":false},"author":936,"featured_media":1004017811,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[37774,37775,21742,37776,37777,21749,37778],"tags":[],"class_list":["post-1004017810","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-rc-dividend-yield","category-rc-forward-affo-payout-ratios","category-latest","category-rc-premium-discount-to-nav","category-rc-price-ltm-ffo","category-retail","category-rc-total-return"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Simon Makes $10B Bid for GGP - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/simon-makes-10b-bid-for-ggp\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Simon Makes $10B Bid for GGP\" \/>\n<meta property=\"og:description\" content=\"As troubled shopping-mall REIT General Growth Properties struggles to regain its footing after bankruptcy reorganization, a possible buyer has emerged in the form of fellow mall owner Simon Property Group.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/simon-makes-10b-bid-for-ggp\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2010-02-16T17:23:10+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-07T20:49:51+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2010\/02\/Mall.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"500\" \/>\n\t<meta property=\"og:image:height\" content=\"375\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Allison Landa\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/simon-makes-10b-bid-for-ggp\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/simon-makes-10b-bid-for-ggp\\\/\"},\"author\":{\"name\":\"Allison Landa\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/0eb45390ae3124c14a919b7ec7bd2249\"},\"headline\":\"Simon Makes $10B Bid for GGP\",\"datePublished\":\"2010-02-16T17:23:10+00:00\",\"dateModified\":\"2022-12-07T20:49:51+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/simon-makes-10b-bid-for-ggp\\\/\"},\"wordCount\":345,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/simon-makes-10b-bid-for-ggp\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2010\\\/02\\\/Mall.jpg\",\"articleSection\":[\"Dividend Yield\",\"Forward AFFO Payout Ratios\",\"News\",\"Premium\\\/Discount to NAV\",\"Price\\\/LTM FFO\",\"Retail\",\"Total Return\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/simon-makes-10b-bid-for-ggp\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/simon-makes-10b-bid-for-ggp\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/simon-makes-10b-bid-for-ggp\\\/\",\"name\":\"Simon Makes $10B Bid for GGP - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/simon-makes-10b-bid-for-ggp\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/simon-makes-10b-bid-for-ggp\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2010\\\/02\\\/Mall.jpg\",\"datePublished\":\"2010-02-16T17:23:10+00:00\",\"dateModified\":\"2022-12-07T20:49:51+00:00\",\"author\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/0eb45390ae3124c14a919b7ec7bd2249\"},\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/simon-makes-10b-bid-for-ggp\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/simon-makes-10b-bid-for-ggp\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/simon-makes-10b-bid-for-ggp\\\/#primaryimage\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2010\\\/02\\\/Mall.jpg\",\"contentUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2010\\\/02\\\/Mall.jpg\",\"width\":\"500\",\"height\":\"375\",\"caption\":\"Courtesy Flickr Creative Commons user Yuki_KG\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/simon-makes-10b-bid-for-ggp\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Simon Makes $10B Bid for GGP\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#website\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/\",\"name\":\"Commercial Property Executive\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/0eb45390ae3124c14a919b7ec7bd2249\",\"name\":\"Allison Landa\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/1c0d6eca27abba0e62d2fd20a5e74bf2e8f124942225edf677a907fb2c5acef5?s=96&d=mm&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/1c0d6eca27abba0e62d2fd20a5e74bf2e8f124942225edf677a907fb2c5acef5?s=96&d=mm&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/1c0d6eca27abba0e62d2fd20a5e74bf2e8f124942225edf677a907fb2c5acef5?s=96&d=mm&r=g\",\"caption\":\"Allison Landa\"},\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/author\\\/allisonlanda\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Simon Makes $10B Bid for GGP - Commercial Property Executive","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.commercialsearch.com\/news\/simon-makes-10b-bid-for-ggp\/","og_locale":"en_US","og_type":"article","og_title":"Simon Makes $10B Bid for GGP","og_description":"As troubled shopping-mall REIT General Growth Properties struggles to regain its footing after bankruptcy reorganization, a possible buyer has emerged in the form of fellow mall owner Simon Property Group.","og_url":"https:\/\/www.commercialsearch.com\/news\/simon-makes-10b-bid-for-ggp\/","og_site_name":"Commercial Property Executive","article_publisher":"https:\/\/www.facebook.com\/CPExecutive","article_published_time":"2010-02-16T17:23:10+00:00","article_modified_time":"2022-12-07T20:49:51+00:00","og_image":[{"width":500,"height":375,"url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2010\/02\/Mall.jpg","type":"image\/jpeg"}],"author":"Allison Landa","twitter_card":"summary_large_image","twitter_creator":"@cpexecutive","twitter_site":"@cpexecutive","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.commercialsearch.com\/news\/simon-makes-10b-bid-for-ggp\/#article","isPartOf":{"@id":"https:\/\/www.commercialsearch.com\/news\/simon-makes-10b-bid-for-ggp\/"},"author":{"name":"Allison Landa","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/0eb45390ae3124c14a919b7ec7bd2249"},"headline":"Simon Makes $10B Bid for GGP","datePublished":"2010-02-16T17:23:10+00:00","dateModified":"2022-12-07T20:49:51+00:00","mainEntityOfPage":{"@id":"https:\/\/www.commercialsearch.com\/news\/simon-makes-10b-bid-for-ggp\/"},"wordCount":345,"commentCount":0,"image":{"@id":"https:\/\/www.commercialsearch.com\/news\/simon-makes-10b-bid-for-ggp\/#primaryimage"},"thumbnailUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2010\/02\/Mall.jpg","articleSection":["Dividend Yield","Forward AFFO Payout Ratios","News","Premium\/Discount to NAV","Price\/LTM FFO","Retail","Total Return"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.commercialsearch.com\/news\/simon-makes-10b-bid-for-ggp\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.commercialsearch.com\/news\/simon-makes-10b-bid-for-ggp\/","url":"https:\/\/www.commercialsearch.com\/news\/simon-makes-10b-bid-for-ggp\/","name":"Simon Makes $10B Bid for GGP - Commercial Property Executive","isPartOf":{"@id":"https:\/\/www.commercialsearch.com\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.commercialsearch.com\/news\/simon-makes-10b-bid-for-ggp\/#primaryimage"},"image":{"@id":"https:\/\/www.commercialsearch.com\/news\/simon-makes-10b-bid-for-ggp\/#primaryimage"},"thumbnailUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2010\/02\/Mall.jpg","datePublished":"2010-02-16T17:23:10+00:00","dateModified":"2022-12-07T20:49:51+00:00","author":{"@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/0eb45390ae3124c14a919b7ec7bd2249"},"breadcrumb":{"@id":"https:\/\/www.commercialsearch.com\/news\/simon-makes-10b-bid-for-ggp\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.commercialsearch.com\/news\/simon-makes-10b-bid-for-ggp\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/simon-makes-10b-bid-for-ggp\/#primaryimage","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2010\/02\/Mall.jpg","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2010\/02\/Mall.jpg","width":"500","height":"375","caption":"Courtesy Flickr Creative Commons user Yuki_KG"},{"@type":"BreadcrumbList","@id":"https:\/\/www.commercialsearch.com\/news\/simon-makes-10b-bid-for-ggp\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.commercialsearch.com\/news\/"},{"@type":"ListItem","position":2,"name":"Simon Makes $10B Bid for GGP"}]},{"@type":"WebSite","@id":"https:\/\/www.commercialsearch.com\/news\/#website","url":"https:\/\/www.commercialsearch.com\/news\/","name":"Commercial Property Executive","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/0eb45390ae3124c14a919b7ec7bd2249","name":"Allison Landa","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/1c0d6eca27abba0e62d2fd20a5e74bf2e8f124942225edf677a907fb2c5acef5?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/1c0d6eca27abba0e62d2fd20a5e74bf2e8f124942225edf677a907fb2c5acef5?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/1c0d6eca27abba0e62d2fd20a5e74bf2e8f124942225edf677a907fb2c5acef5?s=96&d=mm&r=g","caption":"Allison Landa"},"url":"https:\/\/www.commercialsearch.com\/news\/author\/allisonlanda\/"}]}},"jetpack_featured_media_url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2010\/02\/Mall.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004017810","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/users\/936"}],"replies":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/comments?post=1004017810"}],"version-history":[{"count":1,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004017810\/revisions"}],"predecessor-version":[{"id":1004620204,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004017810\/revisions\/1004620204"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media\/1004017811"}],"wp:attachment":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media?parent=1004017810"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/categories?post=1004017810"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/tags?post=1004017810"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}