(Source: Associated Press)
Two major investors in General Growth Properties (NYSE:GGP) are joining Brookfield Asset Management (TSX:BAM.A, NYSE:BAM) in offering to inject a combined $6.5 billion in fresh funds into the shopping mall operator to help it emerge from bankruptcy protection.
General Growth said in a statement late Monday that its board is weighing an offer from Fairholme Capital Management, one of its largest unsecured creditors, and Pershing Square Capital Management, one of its largest shareholders, to invest $3.93 billion. It said the new equity capital investment is valued at $15 a share.
The offer would be teamed up with one from Canada’s Brookfield Asset Management, which last month said it would to invest $2.6 billion in cash in exchange for General Growth shares.
Read the full article “General Growth gets offer of $3.93B investment” in the AP (March 9, 2010).