North Plains Mall part of takeover bid
LOS ANGELES (AP) — Simon Property Group, the nation’s largest shopping mall owner, made a $10 billion hostile bid Tuesday to acquire ailing rival General Growth Properties.
General Growth is the corporate owner of North Plains Mall in Clovis.
The acquisition would allow General Growth, the No. 2 owner of shopping centers, to emerge from Chapter 11 bankruptcy protection.
General Growth filed for bankruptcy last year after buckling under the weight of billions in debt it racked up during a massive expansion effort fueled by cheap credit.
The move is Simon’s second major acquisition in three months.
In December, Simon offered $700 million in cash and stock to buy more than 60 outlet shopping centers from another competitor, Prime Outlets Acquisition Co.