GGP rejects $14.8bn buyout bid from Brookfield Property

By Pouyan Broukhim

With mall owner GGP having confirmed a $14.8bn buyout proposal from shareholder Brookfield Property in mid-November, the company has now reportedly rejected the offer according to a number of sources.

Both Reuters and Bloomberg have cited “people familiar to the matter” in breaking the news, announced Sunday.

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Brookfield made an offer of $23 per share for the remaining 66% interest the company, already acting as the largest shareholder in GGP with a 34% stake.

“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 at the time of the offer.

Brookfield, the landholdings arm of Toronto’s Brookfield asset management, is seeking full ownership of the US-based mall owner that currently owns approximately 127 properties.

The offer that was reportedly rejected was a part-cash, part-stock offer.

It remains it be seen whether Brookfield will continue to pursue a complete acquisition of GGP, with no official announcement having been made as of yet.

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