NEW YORK, April 14 General Growth Properties
Inc (GGP.N) is analyzing an offer from rival Simon Property
Group Inc (SPG.N) to recapitalize the company, sources familiar
with the situation told Reuters on Wednesday.
General Growth is analyzing the Simon offer for how it
would affect its operations and whether it would raise any
antitrust problems, one source said.
The plan would unseat Brookfield Asset Management (BAMa.TO)
as a cornerstone investor in a reorganized company.
But the second-largest U.S. mall owner, which is in
bankruptcy, wants to make sure that any deal has a high degree
of certainty that it would close, the source said.
General Growth wants Simon to have minimal ability to walk
away from a deal, regardless of what the U.S. Federal Trade
Commission says on antitrust issues, the source said.
It also wants to analyze what the company's future would be
with a competitor like Simon as a large shareholder, as opposed
to Brookfield in that position, the source said.
General Growth would have to hear from Simon and Brookfield
about their visions of what the future potential under each of
their sponsorships would be, the source said.
The sources declined to be named because the discussions
are not public.
(Reporting by Paritosh Bansal and Ilaina Jonas. Editing by
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