Seeking Alpha

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)
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