Simon's Offer For General Growth
Simon Property Group's offer (Bloomberg link) for General Growth is all over the news this morning. Simon is offering General Growth shareholders $9 per share, of which $6 is in cash. Simon's total offer is more than $10 billion. General Growth's unsecured creditors would be repaid at 100% on the dollar. Both firms have portfolios of regional malls, and I am guessing the transaction would be a boost for retail real estate.