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)
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