Seeking Alpha

General Growth Properties (GGP) buys back warrants held by Fairholme Funds and Blackstone for...

General Growth Properties (GGP) buys back warrants held by Fairholme Funds and Blackstone for about $633M. The warrants were exercisable into approximately 52M shares at $9.37 each. It's safe to say the warrants - issued as the company exited bankruptcy - were home runs. Brookfield Asset Management (BAM) remains the only holder of remaining warrants - about 83M at an exercise price of $9.53. (PR)
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