Ackman exits General Growth Properties in $556M deal

General Growth Properties (GGP) has repurchased all of Pershing Square's 28M shares in the company for $556M.

General Growth Properties bought the stock for $20.12 each vs its close yesterday of $20.83.

The deal comes after Bill Ackman's hedge fund sold 25M shares in the shopping-mall owner in September for $500M.

Ackman helped rescue General Growth in 2009 by persuading it to file for bankruptcy and then taking part in its subsequent restructure.

The investment has been one of Ackman's most profitable. In 2011, he told Bloomberg that it "turned $60M into $1.6B." (PR)

From other sites
Comments (0)
Be the first to comment
DJIA (DIA) S&P 500 (SPY)
ETF Screener: Search and filter by asset class, strategy, theme, performance, yield, and much more
ETF Performance: View ETF performance across key asset classes and investing themes
ETF Investing Guide: Learn how to build and manage a well-diversified, low cost ETF portfolio
ETF Selector: An explanation of how to select and use ETFs