Tuesday, April 13, 2010

Simon - still in the GGP game?

I found it hard to believe that Simon was going to pull out of the GGP bidding just because of antitrust concerns. It knew that had to be coming from the start. If there was a real reason it might have been more like, oh, we lost our chance to get the company cheaply and can deploy our powder elsewhere or something else.

The latest is that a revised bid is not off the table and that there could be a deal to dump some assets to make the deal work and keep the FTC off everyone's back. Simon of course covets some of GGP's trophy properties, as would any sane person in the shopping center business.  So let's see if that revised bid is forthcoming and what it says. And for those of you who sold the news yesterday, let's see where the ticker winds up now.

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