Ending one of real estate’s most protracted takeover battles, Judge Allan Gropper, in the U.S. Bankruptcy Court for the Southern District of New York, agreed Friday to allow Chicago-based General Growth Properties, a mall real estate investment trust, to partner with Brookfield Asset Management of Toronto in an $8.5 billion reorganization plan.

The decision sets Brookfield as the “stalking horse” bidder, and ends an aggressive takeover attempt by GGP’s main retail rival, Simon Property Group of Indianapolis. Simon announced a last-ditch offer late Thursday night of $20 a share to take over GGP, even though General Growth hasn’t seen that price since late 2008. GGP’s stock closed Friday at $14.13 a share.

This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.

To view this content, please continue to their sites.

Not a Lexis Subscriber?
Subscribe Now

Not a Bloomberg Law Subscriber?
Subscribe Now

Why am I seeing this?

LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.

For questions call 1-877-256-2472 or contact us at [email protected]