Largest stakeholder is sticking with General Growth
Friday, August 24, 2012 4:10 PM
General Growth Properties Inc.'s largest shareholder said it won't pursue a takeover of the company and has no interest in unloading its stake after investor Bill Ackman urged the mall owner to consider a sale, Bloomberg reported. Brookfield Asset Management Inc., which owns about 40 percent of General Growth, said it "is not taking any steps to acquire" the company, which developed and owns Jordan Creek Town Center in West Des Moines. Ackman, founder of Pershing Square Capital Management LP, said he's discussed an acquisition with Simon Property Group Inc., the only U.S. mall owner that is larger than General Growth. General Growth left bankruptcy protection in November 2010 following a takeover battle between Simon and an investor group that included Brookfield and Pershing Square.