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Exclusive: U.S. mall owner GGP rejects Brookfield Property's $14.8 billion offer - sources

Exclusive: U.S. mall owner GGP rejects Brookfield Property's $14.8 billion offer - sources
From Reuters - December 10, 2017

NEW YORK (Reuters) - GGP Inc (GGP.N), one of the largest owners and operators of U.S. shopping centers, has rejected a $14.8 billion buyout offer from its biggest shareholder, Brookfield Property Partners LP BPY.N, people familiar with the matter said on Sunday.

Brookfield Property made a $23-per-share cash and stock offer last month for the 66 percent of GGP it does not already own. A combination of Chicago-based GGP and Brookfield Property would create one of the worlds largest publicly traded property companies.

Brookfield Property is considering a new offer for GGP after a special committee of GGPs board directors turned down its Nov. 11 offer as inadequate, and negotiations between the two companies are expected to continue, the sources said.

The companies do not plan to make a new announcement unless their negotiations lead to a deal or end unsuccessfully, the sources added, asking not to be identified because the discussions are confidential.

GGP and Brookfield Property did not immediately respond to requests for comment.

Brookfield Propertys efforts to buy GGP have come as mall owners across the United States are struggling as a result of many retailers losing out to e-commerce firms such as Amazon.com Inc (AMZN.O).

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