Brookfield makes $14.8bn bid for remaining stake in GGP

By zaymalz malz

US-based mall owner General Growth Properties (GGP) has revealed that it received a takeover bid from Brookfield Property Partners, the landholdings arm of Toronto’s Brookfield Asset Management, with the Canadian firm looking to expand its footprint in the real estate market.

The bid, totalling $14.8bn, is an attempt from Brookfield to acquire the entirety of GGP, a firm that it currently holds a 34% stake in.

See also:

“The Board has formed a special committee of its non-executive, independent directors which, in consultation with its financial and legal advisors, will carefully review and consider the Proposal and pursue the course of action that it believes is in the best interests of the Company’s stockholders,” GGP said in a statement.

The $14.8bn offer equates to $23 per share. This had represented a 21% premium on GGP’s original stock price, however, this has since narrowed to just 3.6%, with GGP’s stock having surged after Bloomfield reported that Brookfield was in preliminary talks with the mall owner.

GGP currently owns approximately 127 properties, mostly across the US, with its clients including automaker Tesla, jeweller Tiffany and retailer Macy’s.

The offer is part-cash, part-stock, and, if accepted, will see Brookfield acquiring the remaining 66% stake in GGP.


Featured Articles

DEI done right: Brook Sims, COO, MAC Diversity Recruiters

Passionate about helping others find their voice, diversity leader and COO Brook Sims talks powerful leadership, diverse teams and being a change agent

Q&A: China’s ecommerce innovator Jeff Li, CEO of Shoplazza

Named in Fortune China’s 40 under 40 for 2022, former Baidu head Jeff Li is the entrepreneurial founder and CEO of ecommerce platform Shoplazza

How hybrid work is revolutionising the physical office

As hybrid work models roll out worldwide, the purpose of the office is changing with collaboration, connection and networking taking centre stage

Trailblazer: Shanique Bonelli-Moore, DEI chief at Clorox


Dean Forbes – the Forterro CEO aiming for the moon

Leadership & Strategy

Why becoming a B Corp is good for business