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General Growth Properties (GGP +9%) soars as Bill Ackman's Pershing Square (with a 10% stake)...

General Growth Properties (GGP +9%) soars as Bill Ackman's Pershing Square (with a 10% stake) demands the company put itself up for sale. Pershing (as it reminds the board in its letter) famously began buying into the then bankrupt mall-owner in 2008 at $0.25/share and led its restructuring.
Comments (4)
  • Tack
    , contributor
    Comments (13558) | Send Message
     
    Translation:

     

    Bill owns too many shares to cash out, so he wants a package deal to make it easy, regardless of whether this strategy makes any sense for the company, as a whole.
    23 Aug 2012, 01:21 PM Reply Like
  • DeepValueLover
    , contributor
    Comments (8661) | Send Message
     
    One of the great trades of the 21st century!
    23 Aug 2012, 01:56 PM Reply Like
  • rgrossla
    , contributor
    Comment (1) | Send Message
     
    Brookfield which now owns close to 42% of the company is trying to get to a 51% stake in GGP and have the votes to buy it on the cheap.
    That is Ackman's concern and any other share holders concern who is not part of Brookfield. So Ackman wants a open bidding process for the company if there is going to be a sale or take over. This makes good sense to me and should to the rest of the shareholders.
    23 Aug 2012, 10:21 PM Reply Like
  • LeahyInvestor
    , contributor
    Comments (98) | Send Message
     
    10% Trying to force the company to sell, is a joke.
    15 Oct 2012, 10:57 PM Reply Like
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