Trader Talk

Simon Property Doubles Bid for General Growth


Talk about a revised bid!

Simon Property originally bid $9 for General Growth Properties, forcing GGP and equity partner Brookfield to submit a revised bid to the bankruptcy court so that GGP can emerge from bankruptcy and management could retain control of the company.

Right at the close today, the WSJ said that SPG has offered $18.25 a share, TWICE its original offer, and to pay off GGP's $7 billion of unsecured debt with cash.

This was not reported until about a minute before the close, GGP moved up a little less than a dollar to close at $16.78.

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