Brookfield offers to buy GGP stake for more than $14B
Subscribe for unlimited digital access.
Try one month for $1!
Subscribe for unlimited digital access. Try one month for $1!
Brookfield Property Partners offering $14 billion to buy the remaining shares of mall owner GGP that it doesn’t already own.
Brookfield owns about 34 percent of GGP.
GGP Inc. said Monday that it received an unsolicited proposal from Brookfield Property Partners LP on Saturday. The offer would give each GGP shareholder $23 in cash per share or 0.9656 of a limited partnership unit of Brookfield.
GGP says that a special committee will review the proposal. The company, which owns Water Tower Place as well as high-end malls near Los Angeles and Washington, D.C., emerged from bankruptcy protection in 2010 with help from Brookfield.