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Report: GGP rejects Brookfield Property's $14.8B bid; parties still in talks

GGP Inc. has rejected Brookfield Property Partners LP's Nov. 11 offer to buy the company for up to $14.8 billion, Reuters reported, citing people familiar with the matter.

A special committee of GGP's board said the $23-a-share offer was inadequate, but Brookfield Property and GGP are still in talks, according to the news outlet's sources. The sources added that the two companies are not planning to make an announcement until the negotiation leads to a deal or is terminated.

Reuters said GGP and Brookfield Property were not immediately available to comment on the report.

Brookfield Property's nonbinding offer to acquire the 66% stake it does not already own in GGP has the potential to create one of the world's biggest listed property companies, with approximately $100 billion of combined assets.