Bankrupt General Growth Properties (GGWPQ) has been one of the most controversial companies in recent months, as various hedge funders have gone to public battle over the troubled mall property.
Investors like Bill Ackman and Whitney Tilson have been among its ardent bulls.
Today Simon Properties announced a nearly all-cash offer worth $10 billion ($9/share) for General Growth.
The offer price is actually a little below what it closed at on Friday, but well above the $5 level it was at nearly last year.
Read Simon Properties Acquiring Hedge Fund Favorite General Growth Properties
Disclosure: No Positions