Anti-climax of the day: Simon wants it all

So, Simon is now apparently at a bid of $18.25 for all of GGP.  We are right back where we started from, just at a higher price. Did anyone seriously think anything else was going to happen? While I obviously don't know the story (I am not a reporter, just a blogger), I do know this: If I were representing a buyer, I would have suggested a partial buy in to GGP as a potential means of getting the assets I want.  After all, who wants your competition breathing down your neck?But if that does not work -- and it won't -- go back to the jugular.

And gee, guess what? Simon is willing to divest up to 15 million sf of malls to make the deal happen and get over any anti-trust concerns. That means they can buy the company, sell off the assets they probably did not want anyway and keep the trophies. Sounds like a good plan to me.

Metz and Co. of course want to run their own show, so they are going to rely on their recap plan to win the day.  Obviously none of us know how this all plays out but do not be shocked if GGP does recap the company, but after selling a bunch of malls to Simon.  Win-win?  Maybe.

Comments

Post a Comment

Popular posts from this blog

Oops. I plain forgot.

I said some time ago that I would publish a review of the new Powerhouse Restaurant and Bar , located right beneath my Chicago office. And I never did. So here goes. I've had a couple of lunches and dinner since the place opened, so I can be candid. All the food I had ranged from very good to superb. The pork belly and chicken thigh appetizers were wonderful. The pork chops were juicy and tasty. The ribeye steak was perhaps the best I've ever had (and trust me, I have eaten a LOT of steak in my life). Forget the red meant and cholesterol and fat and all that stuff for one meal; just splurge and eat it. One of my dining companions said the cod was good but not superlative in his view. I was really too full to enjoy the sweet potato doughnuts. On the lunch side: I recommend the cheese quesadillas and the burger, which also has the tastiest bacon from Wisconsin. I'm getting hungry and I don't want to tempt myself...2008, after all! Service is always first rate, f
Read more

The DLB's Third Anniversary Post

Wow -- three years of blogging this Sunday.  Since I do not plan to write this weekend, I want to take a moment now to reflect on what the past three years have meant to me. First and foremost, blogging has been fun and educational. I truly believe that, thanks to reading more, writing more, and interacting with pros in the business I have become a better adviser to my clients. Yes, the technical lawyering and drafting and stuff is very important. But I have learned much by trying to put on the glasses of your client and thinking practically, while also keeping that lawyer hat on.  That said, I know I am not the business guy, but I also think I can give better advice while at least keeping in mind that side of the coin. You just do the best you can. I have also changed as a blogger, and hopefully for the better.  I get more news and posting from Twitter now than I do from the news or from other blogs. I do not know whether that is good or bad, but I know it is the reality of the situat
Read more