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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
11/19/201417:49:19Simon Property Seeks Larger Stake in Macerich -- Update
05/15/201421:30:19Big Investors Snatch Up Verizon, Dump GM
05/15/201418:30:15Pershing Square Exits Stock Position in P&G
05/15/201418:15:52Pershing Square Exits Stock Position in Procter & Gamble
04/29/201409:48:37U.S. Hot Stocks: Hot Stocks to Watch
02/20/201417:22:38Bill Ackman's Herbalife Bet Down 49% --
02/10/201417:31:47Correction to General Growth Story
02/10/201417:26:26General Growth Repurchases Pershing Square's Remaining Stake
02/04/201409:24:54Hot Stocks: Hot Stocks to Watch
02/03/201417:09:48General Growth Properties Profit Surges as Revenue Beats Expectations
12/05/201316:49:44MARKET SNAPSHOT: Dow, S&P Fall For 5th Day In A Row On Taper...
12/05/201311:08:09MARKET SNAPSHOT: U.S. Stocks Slip, On Pace For 5th Straight Down...
12/05/201309:04:04U.S. Hot Stocks Futures: Hot Stocks to Watch
12/04/201319:10:31General Growth Properties to Join S&P 500
11/15/201308:55:37Highbridge Capital Management 3Q 13F: Largest Eliminations
11/15/201308:55:35Highbridge Capital Management 3Q 13F: Largest Purchases
11/15/201308:55:35Highbridge Capital Management 3Q 13F: Largest Sales
11/15/201308:55:35Highbridge Capital Management 3Q 13F: Largest -2-
11/15/201307:37:34Pershing Square Capital Management LP 3Q 13F: Largest Sales
11/15/201307:37:33Pershing Square Capital Management LP 3Q 13F: Holdings As Of...

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