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General Growth Properties, Inc Message Board

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  • hawkstang hawkstang Sep 20, 2010 2:13 PM Flag

    This all makes sense now!

    It's Ack and Berkie and all of the other Hedgies that are involved (Tilson, BX, etc).

    Again, if all things are equal, I am sure that Ack and Berkie would prefer a sale to BAM, it is a question of price. I still beleive that based upon their established operation, SPG could afford to pay the most for this Company. At one point it was estimated that SPG could save $150-$200 million of annual overhead (duplicate leasing teams, corporate and regional offices, accounting, legal, tax staffs, higher discounts for bulk buying of security, cleaning, snow removal and other services) which at a 6.5% cap is another $2-$3 billion in value.

    Don't know if BAM wants to stretch to match those numbers.

    BAM hardly walks away empty handed. They made a tidy profit on the discounted debt they bought, they will make a profit on their newly purchased shares, they get a strong retail platform with some 25 class A malls that could make them the 3rd, 4th or 5th largest mall operator, as well as whatever they want in Spinco.

 
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