At a conference this week Simon Property Group leader David Simon made it clear that the thinks Geneneral Growth Properties sharholders should have taken his buyout proposal last year. The final offer, in May, totaled $6.5 billion, or $20 per share.
But General Growth decided to pick an offer by Brookfield Asset Mangement instead. Based on Simon's calculations, General Growth shares would be worth between $21.50 and $22 each instead of the $15 mark where they currently hover.
However, one commenter on the Wall Street Journal article linked above points out that since shareholders also got shares of spin off company Howard Hughes Corp., which owns Manhattan's South Street Seaport, the Woodlands development near Houston and other high-profile assets, share trading closer to $21.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
