INDIANAPOLIS — Mall owner Simon Property Group is making a $10 billion offer to acquire its ailing rival, General Growth Properties.
General Growth Properties is the owner of the Augusta Mall.
The real estate company says its bid totals $7 billion to creditors and about $3 billion to General Growth shareholders.
Simon says that amounts to $9 per share for the Chicago real estate company, which filed for bankruptcy protection last year.
Parts of its restructuring plan were approved in December.
Simon submitted to the nation's second largest mall owner earlier this month but made the offer public today.
Simon is the nation's largest mall owner and is based in Indianapolis.
A spokesman for General Growth didn't immediately return a message seeing comment.
Looks like a making of a new ACORN headquarters.....
When Northlake Mall in Charlotte implemented a policy of teenagers must be accompanied by an adult, the crime plummeted. It's now a very nice place to shop. No thugs. No obscene language. No intimidation. Come on up, it's right off I-77.
I did a little research to see who were the majority stockholders of Simon Property Group and, as usually the case, they are hidden behind corporate entities. They did say that they would pay cash with the help of unknown investors. I firmly believe that the current Global Financial Crises has been orchestrated by the world's wealthiest in order to position themselves to cheaply buy the distressed properties and tighten the stranglehold. You can call it conspiracy theory but I call it obvious.
So much Anger, what does ACORN have to do with this. JUST BITTER. Oh Colbalt I heard ACORN will be at the KKK rally Saturday in Nahunta GA will you?
CobaltGeorge, I may have missed it, but what does ACORN have to do with this article?!?
Simon Property Group is the same one who tried to cancel the Atlanta Tea Party last July, and also closed down a conservative kiosk in North Carolina's Concord Mills Mall. No agenda there.
If that is true my shopping days at the mall will be few & far between. I can't support a mall with a political agenda.
I just hope the mall keeps being managed how it has been, with an eye to stay aggressive in bringing in new business and remodeling as need be. I do not want to see it turn into a write-off like Regency Mall.
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