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.