Bid Made for Parent Company of Elk Grove Promenade

Rival mall developer to General Growth Properties makes $10 billion bid

Mall owner Simon Property Group this morning that they have made a $10 billion offer to acquire its ailing rival, General Growth Properties (GGP).

GGP, who filed the largest real estate bankruptcy in American business history almost one year ago is the owner of the half-completed Elk Grove Promenade. Construction of the Elk Grove Promenade stopped in July, 2008.

Simon Property said their bid totals $7 billion to current GGP creditors and about $3 billion to GGP shareholders. Simon said the offer could be amended so shareholders could convert to shares of Simon stock instead of cash.

The was no immediate word on how this deal would help restart construction of the Elk Grove Promenade.