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.


In Depth

Malik: The Science of Deal Sourcing 201

Aug 27 2015 | 5:35pm ET

Deal sourcing is understandably a hot topic among private equity firms because it...

Lifestyle

Rolling Art Advisors Marketing Collectible Car Fund As Uncorrelated Alternative

Aug 27 2015 | 6:47pm ET

A new fund is trying to provide investors with greater access to an emerging asset...

Guest Contributor

Agecroft Partners: Hedge Fund Industry Assets to increase $250B by Summer 2016

Aug 11 2015 | 11:29am ET

Assets will continue to flow into the hedge fund industry despite long-standing...

 

Editor's Note