Paulson Backs New Mall Bid

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.

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