Newstalk KBKW

Simon Property Group Announce Possible Purchase of General Growth Properties

Simon said Tuesday its proposed deal would accelerate General Growth’s emergence from bankruptcy court. The offer gives creditors about $7 billion in considerations by providing a 100% cash recovery of par value plus accrued interest and divided to holders of various debt and securities.
General Growth shareholders would receive more than $9 as share, including $6 in cash plus assets valued at more than $3 a share. It is also prepared to offer Simon common shares instead of cash to General Growth holders interested in owning Simon stock.
Secured debt on General Growth’s portfolio would remain in place.
A General Growth spokesman wasn’t immediately available to comment.

Simon Property’s stock closed Friday at $72 and wasn’t active premarket.

Comments are closed.