{"id":1004019979,"date":"2010-05-07T07:36:20","date_gmt":"2010-05-07T15:36:20","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004019979"},"modified":"2022-12-08T18:57:27","modified_gmt":"2022-12-09T02:57:27","slug":"simon-makes-best-and-final-offer","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/simon-makes-best-and-final-offer\/","title":{"rendered":"Simon Makes \u2018Best and Final\u2019 Offer"},"content":{"rendered":"<p>May 7, 2010<br \/>\nBy Allison Landa<\/p>\n<div id=\"attachment_1004019980\" style=\"width: 160px\" class=\"wp-caption alignright\"><a class=\"highslide\" href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2010\/05\/LancerE.jpg\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004019980\" data-attachment-id=\"1004019980\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/simon-makes-best-and-final-offer\/lancere-5\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2010\/05\/LancerE.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=\"LancerE\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Courtesy Flickr Creative Commons user LancerE&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2010\/05\/LancerE.jpg?w=500\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2010\/05\/LancerE.jpg\" alt=\"\" title=\"LancerE\" width=\"150\" height=\"150\" class=\"size-thumbnail wp-image-1004019980\" \/><\/a><p id=\"caption-attachment-1004019980\" class=\"wp-caption-text\">Courtesy Flickr Creative Commons user LancerE<\/p><\/div>\n<p>Simon Property Group has issued what it says is a final offer to acquire bankrupt retail REIT General Growth Properties. Simon now says it will pay $6.5 billion for the company, which translates to $20 per share.<\/p>\n<p>Moreover, Simon has also increased its offer to sponsor a GGP recapitalization, saying it would increase the price per newly issued GGP share to $11.<\/p>\n<p>\u201cThese offers are best and final,\u201d Simon chairman and CEO David Simon wrote to GGP\u2019s Board of Directors. \u201cSPG will not participate in the bidding process in the GGP bankruptcy proceeding in any way once GGP commits to issue the warrants associated with the latest Brookfield-sponsored plan.\u201d<\/p>\n<p>Simon asserted that the proposal was superior to Brookfield Asset Management\u2019s plan to help GGP emerge from bankruptcy, comparing Simon\u2019s $6.5 billion offer to the aggregate value of $3.9 billion to GGP shareholders based on the Brookfield proposal. He said that he does not believe that GGP would trade under that plan since it would remain highly leveraged and face what he called \u201ca significant overhang of stock owned by non-long term holders who have no lockups, creating downward pressure on share price.\u201d<\/p>\n<p>Simon also claimed that under the Brookfield plan, GGP would be unable to pay a material cash dividend upon emergence from bankruptcy.<\/p>\n<p>\u201cIn contrast, SPG\u2019s strong track record of successfully completing large acquisitions, our history of delivering superior property-level performance and the ability to generate substantial operational synergies ideally position SPG to create the most value with GGP\u2019s portfolio,\u201d he wrote, adding that a Simon buyout is preferable given the company\u2019s strong credit rating, balance sheet, and established track record.<\/p>\n<p>GGP appears today before a U.S. bankruptcy judge to choose between the proposals made by Simon and Brookfield.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Simon Property Group has issued what it says is a final offer to acquire bankrupt retail REIT General Growth Properties. Simon now says it will pay $6.5 billion for the company, which translates to $20 per share.<\/p>\n","protected":false},"author":936,"featured_media":1004019980,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[37774,37775,21742,37776,37777,37778],"tags":[],"class_list":["post-1004019979","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-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 \u2018Best and Final\u2019 Offer - 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-best-and-final-offer\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Simon Makes \u2018Best and Final\u2019 Offer\" \/>\n<meta property=\"og:description\" content=\"Simon Property Group has issued what it says is a final offer to acquire bankrupt retail REIT General Growth Properties. Simon now says it will pay $6.5 billion for the company, which translates to $20 per share.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/simon-makes-best-and-final-offer\/\" \/>\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=\"2010-05-07T15:36:20+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T02:57:27+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2010\/05\/LancerE.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-best-and-final-offer\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/simon-makes-best-and-final-offer\\\/\"},\"author\":{\"name\":\"Allison Landa\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/0eb45390ae3124c14a919b7ec7bd2249\"},\"headline\":\"Simon Makes \u2018Best and Final\u2019 Offer\",\"datePublished\":\"2010-05-07T15:36:20+00:00\",\"dateModified\":\"2022-12-09T02:57:27+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/simon-makes-best-and-final-offer\\\/\"},\"wordCount\":316,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/simon-makes-best-and-final-offer\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2010\\\/05\\\/LancerE.jpg\",\"articleSection\":[\"Dividend Yield\",\"Forward AFFO Payout Ratios\",\"News\",\"Premium\\\/Discount to NAV\",\"Price\\\/LTM FFO\",\"Total Return\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/simon-makes-best-and-final-offer\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/simon-makes-best-and-final-offer\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/simon-makes-best-and-final-offer\\\/\",\"name\":\"Simon Makes \u2018Best and Final\u2019 Offer - 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