Mall owner Simon Property Group Inc. sweetened its offer to buyout its struggling rival General Growth Properties Inc., operator of malls in Manchester and Waterbury, The Associated Press reports.
Two months after its hostile bid was rejected, Simon says Wednesday that it will match a dueling offer for the company and invest $2.5 billion into its reorganization. It may also include a $1 billion investment from prominent financier John Paulson’s Paulson & Co.
Simon says its offer amounts to $10 a share. Its earlier offer was for $9 per share. That was rejected.
General Growth is under Chapter 11 federal bankruptcy protection. Its shopping centers include The Shoppes at Buckland Hills in Manchester and Brass Mill Center in Waterbury.
The Chicago company is considering a competing offer from Brookfield Asset Management.
