Friday, 29 August 2014
Last updated 14 hours ago
Mar 1 2010 | 3:35am ET
In the matter of mall owner General Growth Properties, it seems that Pershing Square Capital Management can’t lose.
The New York-based activist hedge fund shop helmed by William Ackman owns a 6.4% stake in the bankrupt company, having paid an average of 46 cents for each of its 20.1 million shares. Pershing Square is backing a proposal that would split the U.S.’s second-largest mall owner in two that values each existing General Growth share at $15, with would be a $292 million profit for the hedge fund.
A competing offer from Simon Property Group, the largest mall operator in the country, would earn Pershing Square a $170 million profit. Simon, of course, could make a richer offer.
And another potential bidder, Australia’s Westfield Group, has signed a non-disclosure agreement with General Growth as it mulls an offer, Bloomberg News reports.
Simon has dismissed the new plan—backed by a $2.63 billion investment from Brookfield Asset Management—as “a risky equity play.” Under the proposal, General Growth shareholders would get a new General Growth share, initially valued at $10 apiece, and a share of General Growth Opportunities, valued at $5 each.
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Commodities/Futures magazine launched at the precipice of a revolution in the futures industry—really a revolution in the idea of risk management—that would move it from a small niche industry to ...