GGP Moving Forward With Underwhelming Takeover Bid
GGP seems to be moving forward with the planned takeover by Brookfield Property Partners, which is expected to close in the early third quarter. While the headlines say that Brookfield is offering GGP shareholders $23.50 per share in cash, increased from the initial $23 offer proposed in November 2017, only $9.25 billion will be paid to shareholders in cash, with the balance of the deal being paid with Brookfield stock. Given Brookfield's decline in price from November 2017, the mix of cash and ...GGP is a self-administered and self-managed real estate investment trust. The company, through its subsidiaries and affiliates, is an owner and operator of retail properties with a property portfolio primarily comprised of Class A retail real estate. As of Dec 31 2017, the company owned, either entirely or with joint venture partners, 125 retail properties located throughout the U.S. The company provides management and other services to substantially all of its properties, including properties which the company owns through joint venture arrangements. Substantially all of the company's business is conducted through GGP Operating Partnership, LP, GGP Nimbus, LP, and GGP Limited Partnership.
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