David Stejkowski has a nice rundown of some of the new developments in the ever-evolving General Growth saga. But more has happened even since he penned that piece. Most importantly, the Wall Street Journal is reporting that Brookfield Asset Management, which has loomed large in the background for the past week, is now readying a bid to take an ownership stake in General Growth.
A lot of people predicted something like this might come to pass. Such a bid would give Brookfield a foothold in the U.S. retail real estate market while allowing General Growth to remain a standalone entity. This would be the fate that it is widely believed General Growth chairman John Bucksbaum would prefer. In a related item, a piece in Crain's Chicago Business runs down the motivations of some of the key players in the unfolding bidding war and also makes that assertion.
Meanwhile, there is now a shareholder lawsuit brewing over General Growth's rejection of Simon's initial bid.