"It looks like hedge-fund manager Bill Ackman’s activism is ending when it comes to General Growth Properties (GGP).
A filing this morning discloses that Ackman’s Pershing Square Capital Management “no longer believe[s] that the Company should consider a sale” — and that Pershing and affiliates “intend to return to their status as passive shareholders of the company.” The filing indicates that Pershing is “satisfied” with certain unspecified changes to the company’s governance arrangements with its biggest shareholder, Brookfield Asset Management (BAM)."
Hilarious!!! Especially that last sentence.
Don't you think that BAM stuffing a bunch of money into Pershing's pockets for those warrants had a lot to do with Pershing getting "satisfied" with unspecified changes to the Company's governance.
That statement sounds like something we would hear from our DC politians!
Anyway, Ack got what he wanted, BAM got what they wanted and Sandeep should no longer be distracted by the concern that David S may be hovering over his shoulder.
Keep doing what you have been doing like refinancing the debt at low rates for long terms, lease up the remaining vacant space, turn temp tenants into permanent tenants at current market rents and selectively buy out the likes of Sears and Penney from their mall space and replace them with better performing tenants.