GGP Inc. shares surged nearly 6% Monday morning after Brookfield Property Partners L.P. offered to buy the retail real estate company. Brookfield presented the offer to GGP’s board on Saturday. Under the deal, which values the company at $21.8 billion, Brookfield would pay $23 a share, a 3.6% premium to Friday’s closing price, in a combination of cash and units. The combined company would be owned about 30% by existing GGP shareholders. GGP shares are down 11.1% in the year to date, reflecting a difficult environment for retail. The S&P 500 , in contrast, is up 15.3%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News