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Simon Improves General Growth Plan, Proposes 2 Directors

DOW JONES NEWSWIRES Simon Property Group Inc. (SPG) committed a $1.5 billion line of credit to its pursuit of General Growth Properties Inc. (GGP) and proposed two possible directors for General Growth's board as it outlined an improved proposal to pull its bidding target from bankruptcy. The mall giant said it has agreed to backstop a $1.5 billion credit line necessary for General Growth to emerge from bankruptcy, "thus eliminating a great risk and uncertainty inherent in" a rival proposal from a group led by Brookfield Asset Management (BAM). Simon also proposed that former Ernst & Young partner Dale Anne Reiss and Wharton real-estate professor Peter Linneman join General Growth's board, saying it would agree to limits of its governance rights, including capping voting rights at 20% and holding the right to designate two of nine General Growth board members. Brookfield's plan includes three board nominations. In a letter to General Growth, Simon called its two board nominations "distinguished professionals with substantial real-estate expertise who are not affiliated with Simon." Late Wednesday, Simon revised a recent offer to finance General Growth's bankruptcy exit, adding several new investors that would collectively put up an additional $1.1 billion. Simon, which in February made a rejected $10 billion bid to buy General Growth out of bankruptcy outright, in recent days offered to match a $6.5 billion offer from the Brookfield-led group to help finance General Growth's exit from bankruptcy as a standalone company. Simon Chief Executive David Simon was set to meet General Growth's board and top executives in Chicago Thursday to discuss the proposal further, people familiar with the plans told the Wall Street Journal on Wednesday. Shares of Simon declined 0.8% to $86.33 in recent trading, while General Growth was down 6cents to $15.36. The stocks have risen 8.2% and 32%, respectively, so far this year. -By Nathan Becker, Dow Jones Newswires; 212-416-2855; nathan.becker@dowjones.com;

Stock News for General Growth Properties (GGP)
DateTimeHeadline
04/27/201518:08:38General Growth Posts Lower Revenue, Higher FFO
04/27/201516:01:47Current Report Filing (8-k)
04/27/201516:01:00GGP Reports First Quarter 2015 Results
04/21/201516:02:00General Growth Properties Announces Acquisition of The Crown...
04/20/201513:31:44Barclays Cuts General Growth Properties Price Target to $33.00...
04/17/201516:50:19Current Report Filing (8-k)
04/15/201514:44:25The Waltons Sell Shares in Wal-Mart and Netflix Prepares to Split...
04/15/201510:05:03The Walton's Sell Shares in Wal-Mart and Netflix Prepares to...
04/13/201511:03:17Today's Market: Stock Splits, Break-Ups And Real Estate Transactions...
04/13/201507:29:20Sears Holdings, Simon Property Form Joint Venture -- Update
04/13/201507:20:10Sears Holdings, Simon Property Form JV
04/13/201507:09:14Sears Holdings, Simon Property Form Joint Venture
04/01/201508:50:45Sears Moves to Raise $2.5 Billion By Selling Real Estate--3rd...
04/01/201508:28:29Sears to Partner with General Growth Properties on Real-Estate...
04/01/201507:50:05Sears to Partner on Real-Estate JV
04/01/201507:26:04Sears to Partner with General Growth Properties on Real-Estate...
04/01/201507:20:18Sears to Partner with General Growth Properties on Real-Estate...
04/01/201506:59:22Sears Holdings enters into real estate JV with General Growth...
04/01/201506:18:00Sears Holdings And General Growth Properties Announce 50/50 Joint...
04/01/201502:20:08Macerich Rejects Simon Property's Takeover Bid

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