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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
05/04/201616:06:30Quarterly Report (10-q)
05/03/201609:37:00U.S. Hot Stocks: Hot Stocks to Watch
05/02/201617:16:00General Growth Properties Reports Higher Revenue in March Quarter
05/02/201616:02:41Current Report Filing (8-k)
05/02/201616:01:00GGP Reports First Quarter 2016 Results and Declares Second Quarter...
04/29/201607:35:15Current Report Filing (8-k)
04/11/201614:00:51Statement of Changes in Beneficial Ownership (4)
04/08/201611:20:00Apple Stores See Shrinking Share of iPhone Sales
04/07/201616:21:23Statement of Changes in Beneficial Ownership (4)
04/01/201609:10:31Additional Proxy Soliciting Materials (definitive) (defa14a)
04/01/201608:58:44Proxy Statement (definitive) (def 14a)
03/18/201616:01:00General Growth Properties Schedules First Quarter 2016 Earnings...
03/11/201616:01:00L.L.Bean to Open at Lynnhaven Mall This Spring
03/10/201616:01:00General Growth Properties to Present at Citi 2016 Global Property...
02/22/201616:55:37Statement of Changes in Beneficial Ownership (4)
02/22/201616:43:20Statement of Changes in Beneficial Ownership (4)
02/22/201616:35:56Statement of Changes in Beneficial Ownership (4)
02/22/201616:22:08Statement of Changes in Beneficial Ownership (4)
02/22/201616:14:17Statement of Changes in Beneficial Ownership (4)
02/22/201616:03:47Statement of Changes in Beneficial Ownership (4)

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