General Growth delivers another rebuff to Simon

February 19, 2010

General Growth Properties Inc. on Thursday again rebuffed Simon Property's recent overtures, suggesting that the bankrupt real estate company may be holding out for a better deal.

"Our objective is to maximize value for the company and its stakeholders, and we are engaging in a process that is intended to accomplish that result," General Growth CEO Adam Mentz wrote in a letter to David Simon, chairman and CEO of Simon Property Group Inc. "Understandably, your objectives are not aligned with ours. We hope you will, nonetheless, participate in our process," he wrote.

The comment is in response to Simon's letter Wednesday warning General Growth that its $10 billion offer is not open-ended. A combination of Simon and General Growth would create a mall giant that some estimate would own about one-third of the U.S. retail market.

- McClatchy-Tribune

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