Commentary that SPG would need to come in at $20+ in order to have the offer really looked at. He is definitely right that this is a once in a lifetime opportunity.
I was a bit surprised to hear the commentator state that Simon would attack the BAM bid, then sulk, then up the ante. SPG would be far better served to up the ante right now and force BAM/GGP to respond. Keep them on the defensive.
(BTW, I own GGP but I am hoping that SPG wins in the buyout - so I am biased in my thought process (in case you didn't know already)).