General Growth Properties, the second-largest shopping-mall owner, rejected a call from its number two shareholder, Pershing Square Capital Management, to put itself up for sale. It said shareholders will be best served “by GGP continuing to execute on its well-conceived business plan.” GGP exited bankruptcy in 2010; it had been under $27 billion in debt.
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Mall owner rejects call for sale
Peter Foley/Bloomberg News/File 2011
General Growth owns or has stakes in 149 malls, including Providence Place and the Natick Mall. Bill Ackman (above), head of Pershing Square, wants the company to be sold.