Tuesday, 30 September 2014
Last updated 2 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.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
High frequency trading is not evil, it is not a conspiracy and it really is not new; it is the natural evolution of the professional trading community making markets, providing liquidity and hopefully...