Here are a few items on the Simon/GGP saga that I've posted to our Twitter feed since our last update.
- Simon is said to be in talks with Blackstone Group as a potential partner in its bid.
- The Economist ponders what the deal signifies for the broader fortunes of retail and retail real estate in the United States.
- An analysis from Reuters speculates that Simon went public with its takeover efforts in part because its concerned that GGP, given enough time, will be able to raise enough equity to exit bankruptcy on its own.
- Todd Sullivan's reaction to Simon's posturing about rescinding its offer is, "So what?" Sullivan also believes that ultimately Simon would have to sweeten the deal to be worth at least $13 billion for the offer to be taken more seriously by General Growth's management and shareholders.
- Even without a higher bid, however, hedge fund manager William Ackman is poised to make a killing on the investment his Pershing Square Capital Management LP made in General Growth back in November 2008. At the current offer, Ackman would turn a $170 million profit. Business Insider has a nice chart documenting how Ackman's gamble is paying off.