Monday, February 22, 2010

As the pot boils...

We continue to watch the Simon and GGP story. With my luck another letter will go out as I am typing.  Here's a few interesting tidbits in the interim:

I liked looking at this operating pro forma put together by Naveen Selvaraj.  (PS: the answer to his question #2 is, typically yes, which is why you have seen cherry-picking deals in the past. Of course, if Blackstone comes into the deal that could well be what happens, a la EOP.)

Todd Sullivan thinks Simon's plays so far are "near panicked." But if CRE prices are rising.... (dead cat bounce or not? Don't ask me.)

Simon bonds are weakening according to this Reuters piece.

And would this be a possible deal without a shareholder lawsuit

Money, power, greed, legacy...it is all there.  There are a lot of different dynamics coming into play in this deal.  Crain's sums it up quite well, as usual, in this story from earlier today. (I note that other possible bidders
are identified, as well.)

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