Loading...
Loading...
General Growth Properties, Inc.
GGP announced today the purchase of warrants held by
affiliates of The Blackstone Group ("Blackstone") and Fairholme Funds, Inc.
("Fairholme") for approximately $633 million. The Company will fund the
transactions using its available cash resources.
The warrants were exercisable into approximately 52 million common shares of
the Company at a weighted average exercise price of approximately $9.37 per
share. The warrants were scheduled to expire in November 2017. Effective with
these transactions, Blackstone and Fairholme no longer hold any warrants to
acquire the Company's common shares.
In addition, pursuant to an offer previously made by Brookfield Asset
Management Inc. ("Brookfield") to the Company, the independent members of the
Company's Board of Directors decided not to purchase the warrants recently
acquired by Brookfield from affiliates of Pershing Square Capital Management,
L.P. ("Pershing Square").
Brookfield is now the sole holder of the Company's remaining outstanding
warrants which are currently exercisable into approximately 83 million common
shares of the Company at a weighted average exercise price of approximately
$9.53 per share.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Posted In: News
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in