General Growth Properties stock price continues to plunge, now a takeover target?

Elk Grove Promenade developer share price drop makes it an attractive buyout target. You'll never guess who is a rumored suitor

General Growth Properties, owner of the half-constructed strip mall known as the Elk Grove Promenade has seen it's share price plunge 83% for the year.

According to news reports, with GGP's price so low, the Chicago-based mall developer is now quickly gaining attention as possible takeover target.

The Wall Street Journal reports that possible suitors include "the world's largest mall owners, Simon Property Group Inc. and Australia's Westfield Group."

Elk Grove citizens undoubtedly remember that it was Westfield, along with the help of former Governor Gray Davis, tried to kill the Elk Grove Promenade several years ago.

It would be ironic if Westfield took over the assets of GGP and the Elk Grove Promenade either through a possible GGP bankruptcy or a takeover.