Monday, 22 December 2014
Last updated 2 hours ago
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.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.