WSJ : Brookfield Property Offers $14.8 Bln To Buy Mall-owner GGP

(RTTNews) - Brookfield Property Partners LP has made a $14.8 billion offer to acquire the shares of mall owner GGP Inc. that it doesn't already own, the Wall Street Journal reported citing people familiar with the matter.

Brookfield has offered to pay $23 per share for the remaining 66% of GGP, half in cash and half in equity. GGP investors could choose either cash or 0.9656 of a limited-partnership unit of Brookfield Property for each share, subject to proration that keeps the consideration of cash and units from each exceeding $7.4 billion.

Brookfield currently owns about 34% of Chicago-based GGP, formerly known as General Growth Properties, which has a market value of about $21 billion.