Written on Wed, 03/17/2010 - 9:38am
By Chip Brian
3/17/2010- Simon Property Group (NYSE:SPG) said it is preparing a new offer for General Growth Properties Inc. (NYSE:GGP), a month after the company was turned down by its biggest rival, according to a Bloomberg report, which cited a person with knowledge of the plan.
The company's lawyers said in a March 15 letter to General Growth's attorneys that it planned to make another offer later this week or at the beginning of next week. Simon also indicated that it planned to address antitrust and financing concerns over the deal.
Simon offered $10 billion to purchase bankrupt General Growth, but the company said it was too low.
