Simon: General Growth's plan is unreasonable

February 20, 2010

Simon Property Group Inc. said General Growth Properties Inc.'s plan for discussing Simon's proposed takeover of its bankrupt rival is "unreasonable" and asked the mall operator to reconsider its negotiating agreement. Simon, the largest U.S. shopping mall owner, said General Growth's draft of a nondisclosure agreement would prohibit Simon from talking with potential partners and wouldn't ensure the company receives the same information made available to competing bidders. Simon commented in a letter sent to General Growth Chief Executive Officer Adam Metz and distributed Friday in a news release. "By continuing to request the unreasonable restrictions set forth in your proposed non-disclosure agreement, you render your process' a charade from the start by seeking to exclude the most logical and capable acquirer," Simon CEO David Simon wrote. General Growth had no immediate comment. General Growth's properties in the Baltimore area include Harborplace & The Gallery, The Village of Cross Keys, Towson Town Center, White Marsh Mall, Owings Mills Mall, Mondawmin Mall and The Mall in Columbia. Simon, which owns Arundel Mills mall, made the unsolicited $10 billion bid for General Growth this month.

- Bloomberg News

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