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Shareholders Approve Rouse and General Growth Merger

COLUMBIA, MD-Having overcome a few hurdles--most significantly a major lawsuit--the Rouse Co. gets a new owner in a $7.2-billion deal. Chicago-headquartered General Growth Properties Inc. announced the purchase of the REIT during an online broadcast of its shareholders' meeting.

By Barbra Murray | Updated on November 09, 2004

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COLUMBIA, MD-Shareholders of the Rouse Co. approve the development company’s merger with Chicago’s shopping center owner and developer General Growth Properties in a $7.2-billion deal. News of the sale’s approval came during Rouse’s live online broadcast of a shareholders meeting. The vote for the sale was not unanimous, but it was overwhelming with 75.5 million of the 104 million eligible voting shares giving the transaction the thumbs up. In addition to doling out the billions in cash for the company, General Growth will also assume $5.4 billion in existing debt.

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