Simon may offer new deal for General Growth

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By Ilaina Jonas

NEW YORK (Reuters) - Simon Property Group Inc has been corresponding with bankrupt General Growth Properties Inc about a potentially sweetened offer, a source close to the matter said on Tuesday.

Although no final offer has been made, Simon Chief Financial Officer Stephen Sterrett met on Monday with General Growth representatives, the source said. In addition, Simon, the largest U.S. mall owner, has responded to a letter sent by General Growth that sought more details on how it would fund a deal and if Simon would offer stock to General Growth's equity owners, the source said.

A representative from Simon said he did not know about the discussions. A representative from General Growth declined to comment.

Simon has been working to line up a $6 billion credit line with JPMorgan Chase & Co to finance a bid. In addition, the deal could include two sovereign wealth funds, the source said.

A partnership with private equity group Blackstone Group LP may or may not materialize, the source said.

General Growth, the No. 2 U.S. mall owner, rejected Simon's initial bid of making all unsecured creditors whole -- including interest -- with cash. That plan also would give equity holders about $6 per share and spin off General Growth's residential real estate business to the shareholders. Simon valued that business at about $3 per share.

Meanwhile, General Growth has been working with Brookfield Asset Management and Fairholme Capital Management to emerge as a stand-alone company. That deal would include offering creditors cash or stock, while equity holders would receive stock worth about $15 a share.

The General Growth plan includes splitting the company into two. One company would hold General Growth's highly valued malls, while the other would hold mostly non-income-producing development property and underperforming shopping centers.

Simon and General Growth have been corresponding through their attorneys, the source said. Chief executives David Simon and Adam Metz, of General Growth, have spoken a couple of times, the source said.

A U.S. bankruptcy court judge has given General Growth until April 13 to present its plan to emerge from bankruptcy. After that, a competing bid would be much more costly because General Growth's plan includes issuing about 120 million warrants.

Shares of General Growth were at $15.23 in after-hours activity, up 0.9 percent from their close of $15.10 on the New York Stock Exchange. Simon shares were at $84.08, down 0.1 percent from their close of $84.18.

(Reporting by Ilaina Jonas; editing by Andre Grenon, Phil Berlowitz)

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