William Ackman isn't letting up on mall operator General Growth Properties. The Pershing Square Capital Management founder has for the second time in a week demanded that the mall operator put itself up for sale.
Pershing Square urged the Canadian company, in which it holds a 10% stake, to explore a sale late last week. On Monday, he did so again, after Brookfield Asset Management, with which Pershing Square helped reorganize General Growth two years ago, announced that it was not pursuing a controlling stake in General Growth.
Last week, Pershing Square warned General Growth not to allow Brookfield to take control without paying a premium; Brookfield has boosted its stake in General Growth to 42.4% since the 2010 deal.
"Now that Brookfield has announced that it is no longer interested in pursuing the acquisition of GGP, the board can quickly determine with minimal effort whether Simon is interested in pursuing a transaction that would be in the best interest of GGP shareholders," Ackman wrote. The hedge fund manager has attempted to broker a deal between GGP and Simon Property Group, the largest mall operator.
Ackman also continued to warn against the possible designs of Brookfield.
"GGP's board currently has the ability to take steps to prevent Brookfield from unfairly expropriating control from other GGP shareholders," he wrote.