If they want GGP, then they should put in an offer to shareholders that at least matches its current trading price....and stop complaining to their CEO about how unfair they are like a whining kid. Obviously he does not like the folks at SPG....so why bother trying to deal through him?
If they cannot afford to up the bid, then they should forget about it and stop whining..... which is exactly how I percieved the latest letter...... like a little kid reaching for a toy just out of reach.....saying "I want it!! MINE MINE MINE!"....even though he knows he is not tall enough to reach it.
Action speaks louder than words.....and since this isn't war, the pen is not mightier than the sword......It is only painting a clearer picture of the situation that has recently been made public.
Whether it is an accurate picture or not is yet to be seen.
Who knows.... maybe if they forgot about it they could get it even cheaper. Then again.... they got a lot of the competition's attention when they lowballed it.
THey prabably should have bid it fair at the start....that way at least the competition would definitely be getting a rough deal.
I think that SPG is just trying to test the CRE waters but they may cause a problem for CRE stocks if they back away and then no one else jumps in to buy GGP. It may come off that the current stock price of GGP is too high, thus causing a correction in CRE stocks. JMHO