WSJ: New Bid for General Growth Coming

[Stocks-to-Watch]

The Journal’s Kris Hudson and Mike Spector and Jeffrey McCracken report this afternoon Simon Property Group (SPG), the nation’s biggest mall owner, is preparing another offer for smaller competitor General Growth Properties (GGP), after the latter twice rejected SPG’s $10 billion buyout offer, first put forwardlast month.

Simon Property’s management sent a letter to General Growth’s lawyers telling them to expect a revised proposal later this week, the authors report, citing anonymous sources.

Hudson & Co. got a quote from Simon Property’s CEO David Simon on the matter: “”We’ve made no final decision on what we’re going to do,” Simon Chairman and Chief Executive David Simon said in an interview Tuesday when asked about the letter. “We’re working to see if the value is there for us. If we do [see justification for an offer], we’d tell them well before the motion’s heard on another deal” on the table.”



Original Article Source by Barrons.com