The troubled number-two mall REIT in the country filed for bankruptcy in 2009 and has been attempting to right itself since. The Simon offer comes to $9.00 per General Growth share, a total of "$6.00 per share in cash and all of GGP's ownership interests in the [Master Planned Community] assets," according to Simon's offer letter.

David Simon, chairman and CEO of Simon Properties, noted in a statement: "Simon's offer provides the best possible outcome for all General Growth stakeholders. Simon is in the unique position of being able to offer General Growth creditors and shareholders full, fair and immediate value. Our offer provides much-needed certainty to conclude General Growth's protracted reorganization process. We are confident it is the best option for all General Growth constituencies and far superior to any other third-party proposal or stand-alone plan that could be completed."

The offer is not open-ended, but is subject to confirmatory due diligence which can take up to 30 days. The offer must be approved by the shareholders, as well as the bankruptcy courts. Simon recently reported a $485M FFO for the fourth quarter of 2009 and has been amassing funds for purchasing this year.