Pershing Square Mall Bid Approval Delayed By New Offer

May 4 2010 | 12:21pm ET

William Ackman will have to wait a few more days to see if he’ll win the battle for mall operator General Growth Properties.

A $2.63 billion restructuring plan for the bankrupt company, led by Brookfield Asset Management and backed by Pershing Square Capital Management and Fairholme Capital Management, has been accepted by General Growth. But the company postponed a court hearing to approve the Brookfield bid, scheduled for today, after a competing bidder, Simon Property Group, offered to buy the whole company.

Simon, a rival mall owner, has bid $5.8 billion for General Growth after its own restructuring offer, backed by the Blackstone Group, was rejected. General Growth said it was reviewing the proposal.

Under Simon’s new deal, it would pay General Growth’s unsecured debtholders—of which Fairholme is the largest—in cash, as well as assume General Growth’s mortgage and other property debt.

Pershing Square is the largest equity holder in General Growth.

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