Regional mall landlord GGP Inc. received a new takeover bid from diversified commercial real estate company Brookfield Property Partners LP more than three months after GGP's special board committee rejected Brookfield Property's $14.8 billion cash-and-stock offer, Reuters reported, citing people with knowledge of the matter.
Although the precise value of the new bid was unknown, the sources told the news outlet that the revised offer provides for a slightly higher cash component and a new security that GGP stockholders would trade as a real estate investment trust.
The sources also told Reuters that GGP's special committee has not yet agreed to the revised offer and discussions remain underway. A point of contention in the deal discussions has been the equity component of the offer, and recent U.S. tax reforms have also led to delays in the negotiations, the sources added.
Reuters noted that Brookfield Property's buyout bid comes as U.S. mall owners wrestle with the rising threat of e-commerce to traditional retailers. A merger of the two parties would create one of the largest publicly traded property companies in the world, the news outlet said.
Brookfield Property declined to comment, while a comment from GGP on the matter was not immediately available, according to the report.
