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simon property

April 15, 2010

David Simon, chairman of the board and CEO of family-run Simon Property Group, stepped in personally to try and help force through his company’s hostile takeover of General Growth Properties.

David Simon, chairman of the board and CEO of family-run Simon Property Group, stepped in personally to try and help force through his company’s hostile takeover of General Growth Properties.

In a letter to his counterpart at GGP yesterday, the second-generation family member offered to match the reorganisation plan put forward by rival Brookfield Asset Management. However, he claimed his offer to invest $2.5 billion was “substantially more favourable to GGP and its equity holders”. His proposal includes a $1 billion co-investment commitment by Paulson & Co.

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