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Simon Properties bids $10-billion for rival

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Mall owner makes offer to acquire ailingGeneral Growth Properties

Mall owner Simon Property Group SPG-N is making a $10-billion offer to acquire its ailing rival, General Growth Properties.

The real estate company says its bid totals $7- billion to creditors and about $3-billion to General Growth shareholders.

Simon says that amounts to $9 per share for the Chicago real estate company, which filed for bankruptcy protection last year. Parts of its restructuring plan were approved in December.

Simon submitted to the nation’s second largest mall owner earlier this month but made the offer public Tuesday.

Simon is the largest mall owner in the U.S. and is based in Indianapolis.

A spokesman for General Growth didn’t immediately return a message seeking comment.

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