Yesterday’s news is that Simon is once again considering “walking away” from General Growth Properties. I guess this is in case we still do not believe him after his previous threats? The situation is simply one of two scenarios. 1- A blatant attempt to negatively manipulate the stock price in order that shareholders pressure management to take whatever deal he comes up with. 2- Acknowledgment that any “partners” he was trying to line up have not materialized. Let’s address the folly of #1. Who is he trying to scare into selling out to him on the cheap? Ackman, Bucksbaum, Tilson, Elliot, management who owns material stakes, Sullivan? Who? There are not enough shareholders outside of the major holders to scare into forcing management to take an inferior offer from Simon. David Simon is playing from a playbook that simply is not applicable to the game currently being played. It is the equivalent of trying to run the option offense in the NFL, not going to get it done David.
Two theories behind Simon Property Group’s latest threat
Most Popular Articles
Latest Articles
Pennymac posts first-quarter profit of $39M
Loan production income shrank in the first quarter, but the company’s servicing business continues to grow
-
DOJ charges one of America’s top LOs in alleged mortgage fraud scheme
-
Top Producer Review: Features, pricing & alternatives
-
A&D Mortgage names new servicing manager
-
HUD aims to help protect communities from extreme heat
-
Freedom Mortgage founder addresses ’extraordinary’ credit profiles, profitability and products