CHICAGO-John Schreiber of Blackstone Group LP is all set to become a board member of General Growth Properties. Pershing Square Capital Management LP will nominate John's name to replace Ackman on GGP's board before GGP emerges from bankruptcy in October.
The right to nominate directors to GGP was acquired by Pershing, Fairholme Capital Management and Brookfield Asset Management after providing GGP with a $6.5 billion refinancing. To prevent Blackstone from buying out GGP the trio has offered this option. For the full story, go to Wall Street Journal.
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