Friday, 29 May 2015
Last updated 4 hours ago
Apr 16 2010 | 12:18pm ET
The battle for mall operator General Growth Properties is shaping up as a proxy battle between two hedge fund titans.
Simon Property Group, a rival mall owner, has matched the leading plan to get General Growth out of bankruptcy protection, backed by a $1 billion pledge from hedge fund Paulson & Co. General Growth is now seeking a better offer from Brookfield Asset Management, whose offer is supported by hedge funds Pershing Square Capital Management and Fairholme Capital Management.
Pershing Square controls one-quarter of General Growth’s shares.
General Growth said that it would look into the new bid from Simon. An earlier takeover offer from that company was rejected by General Growth.
May 27 2015 | 2:15pm ET
Support Hedge Funds Care, also known as Help For Children (HFC), by participating in this year's raffle. All proceeds go to support HFC's mission of preventing and treating child abuse. Read more…