7am News, Sports and Obits

Latest WGIL news
Click to play or
Right click and "Save Target As" to download
Click for Galesburg, Illinois Forecast
Home - Cancellations - Community Events - Contact Us - Mornings - News - Obituaries - Pictures - Programs - Special Events Audio - Sports - Weather
Simon Property Boosts Offer for General Growth Properties
INDIANAPOLIS (AP) -- Mall owner Simon Property Group Wednesday sweetened its offer to buy out its struggling rival -- Chicago-based General Growth Properties.

Simon is the nation's largest mall owner, and it is trying to best a group of investors bidding for General Growth.

Two months ago, Simon's hostile bid valued at $10 billion was rejected. Now, Simon says it will match a dueling offer for the real estate investment company and invest $2.5 billion into its reorganization.

General Growth operates more than 200 shopping malls in 43 states and is the nation's second-largest shopping mall operator. It once operated Galesburg's Sandburg Mall, but does not do so now. Simon Property Group operates both Northpark and Southpark Malls in the Quad Cities, among others.

General Growth sought shelter from creditors a year ago, resulting in the largest real estate bankruptcy in U.S. history. The company remains under Chapter 11 protection.

(Copyright 2010 by The Associated Press. All Rights Reserved. WGIL News contributed to this report.)
04 14 10 by Newsroom
News management powered by Xpression News

Click here for the WGIL News Archive

Click here for national news

The following provision applies to all visitors (which shall include persons and representatives of legal entities, whether such representatives are persons or digital engines of a kind that crawls, indexes, scrapes, copies, stores or transmits digital content). By accessing this Web site or digital service, you specifically acknowledge and agree that: (i) Associated Press text, photo, graphic, audio and/or video material shall not be published, broadcast, rewritten for broadcast or publication or redistributed directly or indirectly in any medium; (ii) No Associated Press materials nor any portion thereof may be stored in a computer except for personal and non-commercial use; (iii) The Associated Press will not be held liable for any delays, inaccuracies, errors or omissions therefrom or in the transmission or delivery of all or any part thereof or for any damages arising from any of the foregoing; (iv) The Associated Press is an intended third party beneficiary of these terms and conditions and it may exercise all rights and remedies available to it; and (v) The Associated Press reserves the right to audit possible unauthorized commercial use of AP materials or any portion thereof at any time.