Bankrupt General Growth Properties (GGP) said it won’t deviate from its Chapter 11 reorganization plans in order to accept a takeover offer from rival mall developer Simon Property Group (SPG). Chicago-based GGP called Indianapolis-based Simon Property’s overtures at a takeover “not sufficient to preempt the process we are undertaking to explore all avenues to emerge from Chapter 11 and maximize value for all the Company’s stakeholders,” in a public letter released Wednesday. As HousingWire previously reported, Simon Property, a real estate investment trust (REIT) and the largest publicly traded real estate company in the US, made a $10bn offer to acquire GGP, also a REIT. The offer includes $7bn in cash or stock for full recovery of par value plus accrued interest and dividends to all of GGP’s unsecured creditors and the equivalent of $9 per share to GGP’s shareholders. Simon Property decided to publicly announce its offer Tuesday after a muted response from the GGP, they said. According to an open letter Simon Property chairman and CEO David Simon sent to the GGP board of directors, GGP did not provide “any indication that you are prepared to enter into serious discussions so as to make our offer available to your shareholders and creditors.” In response, GGP CEO Adam Metz sent an open letter to Simon and said his company is in the process of exploring “several potential options for the company’s emergence from Chapter 11, including a sale of the entire company as you have proposed as well as a capital raise.” Metz said in his letter Simon Property will be included in that process, which will include GGP disclosing its financial position to certain potential buyers. “We believe the information we would provide to you as part of this process will enable you to better understand the company, get to a higher valuation, and provide a fully documented offer,” Metz said in his letter. GGP filed for bankruptcy in April 2009. The committee representing GGP’s creditors has come out in favor of Simon Property’s offer, which would combine the country’s two largest mall operators and give Simon a portfolio of more than 500 shopping malls and expand its reach in the luxury mall sector. Simon Property isn’t GGP’s only suitor. Toronto-based Brookfield Properties (BPO) began purchasing GGP debt late last year in a move that gives the firm a say in GGP’s future. Write to Austin Kilgore. The author held no relevant investments.