Getting your player ready...
General Growth Properties plans to back a revised bankruptcy-exit plan proposed by Brookfield Asset Management over a competing offer by Simon Property Group, said a person with knowledge of the decision.
Brookfield and its partners, Fairholme Capital Management LLC and Pershing Square Capital Management LP, proposed changing their bid to initially receive fewer stock warrants once the deal is approved by the bankruptcy court, the source said. That would make it less expensive for another bidder such as Simon to make a new offer.
General Growth owns Park Meadows and Southwest Plaza in the Denver area, Foothills Mall in Fort Collins and Chapel Hills Mall and Austin Bluffs Plaza in Colorado Springs.
