General Growth Properties Falls After Responding to Ackman

Shares of General Growth Properties fell more than 3 percent in Monday's after hours trading session after the company responded to a letter from investor Bill Ackman calling on General Growth to put itself up for sale. Ackman runs hedge fund Pershing Square Capital which has been a long-term investor in General Growth Properties. The company's board rejected Ackman's call for the company to consider selling itself and said that shareholders would be best served by General Growth sticking to its business plan. "After reviewing your letters and giving the matters you raised serious consideration, the Board has unanimously determined that the best value for all shareholders will be achieved by GGP continuing to execute on its well-conceived business plan," the board said in letter to Ackman