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 give a premium of 51 percent above General Growth's then share price.Pershing Square - which has an about 8 percent stake in General Growth, according to its latest regulatory filing - said on Wednesday it held talks with Simon but the company chose not to go forward with any transaction. ()General Growth had earlier rejected Ackman's proposal, saying its shareholders would be best served by the company sticking to its current business plan.General Growth's shares have risen only 9 percent since Ackman first urged the company to consider a sale. They closed at $20.05 on the New York Stock Exchange on Wednesday.
General Growth Properties, Inc. (GGP) is a real estate investment trust (REIT). Shares of GGP fell by 2.94% or $-0.59/share to $19.46. 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 8382059.
Simon Property Group, Inc. (Simon Property) operates as a self-administered and self-managed real estate investment trust (REIT). Shares of SPG fell by 0.11% or $-0.18/share to $159.62. 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 196681.
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