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Mall giant rejects Simon's $10 billion bid
RCS President and CEO Ivan Friedman follows-up with CNNMoney.com to comment on General Growth's rejection of Simon's bid.
Feb 18, 2010 CNNMoney.com Chavon Sutton
NEW YORK (CNNMoney.com) -- General Growth Properties Inc, a mall operator, on Thursday rejected Simon Property's $10 billion bid.
In a letter declining Simon's offer, General Growth said, "our objective is to maximize value for the company and its stakeholders, and we are engaging in a process that is intended to accomplish that result in an expeditious manner."
General Growth added that Simon (SPG)'s objectives are "not aligned with ours."
General Growth could be holding out for a better offer from Simon or another suitor, according to Ivan L. Friedman, president and CEO of RCS Real Estate Advisors, including Brookfield Properties, a mall developer with head offices in New York and Toronto.