General Growth Properties, Inc. has sent a letter to Simon Property Group, Inc., responding to Simon’s unsolicited interest in acquiring the company. The company notes that the company is currently in the process of exploring potential alternatives for emergence from bankruptcy and maximizing value for its stakeholders. Simon has been invited to participate in the General Growth Properties’ process to evaluate its indication of interest in the context of strategic options.
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GGP currently has ownership interest in, or management responsibility for, more than 200 regional shopping malls in 43 states, as well as ownership in planned community developments and commercial office buildings. The company’s portfolio totals approximately 200 million square feet of retail space and includes more than 24,000 retail stores nationwide. The company’s common stock is currently traded in the over-the-counter securities market operated by Pink OTC Markets Inc. using the symbol GGWPQ.
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