Activist investor William Ackman's Pershing Square Capital Management said it no longer wanted to force a sale of General Growth Properties Inc after it failed to secure an offer for the No. 2 U.S. mall owner.Ackman urged General Growth in August to sell itself to top U.S. mall owner Simon Property Group Inc, saying Simon could offer a 51 percent premium to General Growth's share price at the time, which would have valued the company at over $26 billion.General Growth's shares were down 4 percent at $19.31 on Thursday morning on the New York Stock Exchange, valuing the company at about $18 billion.Pershing Square - which holds a stake of about 8 percent in General Growth, according to its latest regulatory filing - said on Thursday it held talks with Simon, but the company chose not to go forward with any transaction. ()
General Growth Properties, Inc. (GGP) is a real estate investment trust (REIT). Shares of GGP fell by 2.89% or $-0.58/share to $19.47. In the past year, the shares have traded as low as $14.25 and as high as $21.25. On average, 3579660 shares of GGP exchange hands on a given day and today's volume is recorded at 9127662.
Simon Property Group, Inc. (Simon Property) operates as a self-administered and self-managed real estate investment trust (REIT). Shares of SPG fell by 0.19% or $-0.3/share to $159.50. In the past year, the shares have traded as low as $125.53 and as high as $164.17. On average, 1179830 shares of SPG exchange hands on a given day and today's volume is recorded at 211476.
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