Mall Operator Bids For GGP

From AP, via WaPo:

INDIANAPOLIS -- The nation's largest shopping mall owner, Simon Property Group, made a $10 billion hostile bid Tuesday to acquire its ailing rival, General Growth Properties.

The deal would allow General Growth, the No. 2 owner of shopping centers, to emerge from Chapter 11 bankruptcy protection. General Growth filed for bankruptcy last year after buckling under the weight of billions in debt it racked up during a massive expansion effort fueled by cheap credit. General Growth's best known centers include the Glendale Galleria in Southern California and the South Street Seaport in Manhattan.