U.S. mall owner GGP rejects Brookfield's $14.8 bln offer: Reuters
GGP Inc, one of the largest owners and operators of U.S. shopping centers, has rejected a US$14.8 billion buyout offer from its biggest shareholder, Brookfield Property Partners LP, sources told Reuters. Brookfield Property made a US$23-per-share cash and stock offer last month for the 66 percent of GGP it does not already own. A combination of Chicago-based GGP and Brookfield Property would create one of the world’s largest publicly traded property companies. Brookfield Property is considering a new offer for GGP after a special committee of GGP’s board directors turned down its November 11 offer as inadequate, and negotiations between the two companies are expected to continue, the sources said. The acquisition would create a company with an ownership interest in almost US$100 billion real estate assets globally and annual net operating income of about US$5 billion, according to Brookfield Property.
