Value Plays - Feb 24, 2010Brookfield Asset Management Inc. (BAM.A)
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Todd Sullivan
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Value PlaysBAM Reported to Value GGP at $15
.Some Details $$ Here it is
.Ackman's hand all over this
GOOD!! Gen Growth Prop Follow Up: General Growth proposes splitting itself in 2 to exit bankruptcy (13.50 +0.53) WSJ reports the co is expected to unveil a plan Wednesday to exit bankruptcy this year by splitting the company in two, with Canadian property investor Brookfield Asset Management (BAM) pledging $2.63 billion to the effort, said several people familiar with the matter. The complicated plan, drafted partly by activist investor and General Growth board member William Ackman, is meant to top a $10 billion buyout bid that rival mall owner Simon Property Group (SPG) made last week
The Brookfield plan values General Growth at $15 per share, but unlike Simon's all cash buyout offer, it relies heavily on selling massive amounts of new stock in the coming months The Brookfield plan values General Growth at about $45 billion in equity value, compared with $3 billion from Simon
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<span class="sent"><span class="company">BAM</span> Reported to Value GGP at $15
.Some Details $$ Here it is
.Ackman's hand all over this
GOOD!! Gen Growth Prop Follow Up: General Growth proposes splitting itself in 2 to exit bankruptcy (13.50 +0.53) WSJ reports the co is expected to unveil a plan Wednesday to exit bankruptcy this year by splitting the company in two, with Canadian property investor Brookfield Asset Management (<span class="company">BAM</span>) pledging $2.63 billion to the effort, said several people familiar with the matter. </span> The complicated plan, drafted partly by activist investor and General Growth board member William Ackman, is meant to top a $10 billion buyout bid that rival mall owner Simon Property Group (SPG) made last week
The Brookfield plan values General Growth at $15 per share, but unlike Simon's all cash buyout offer, it relies heavily on selling massive amounts of new stock in the coming months The Brookfield plan values General Growth at about $45 billion in equity value, compared with $3 billion from Simon
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