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News Breaks
January 3, 2013
06:40 EDTGGP, BAM, SPGPershing Square no longer thinks General Growth should consider sale
Pershing Square disclosed an 8.0% stake in General Growth (GGP) and said that when it filed its original stake in the company on October 24, 2011, its intent was to have conversations with Simon Property Group (SPG) in respect of SPG's interest in acquiring General Growth. Since SPG has chosen not to go forward with that or any other potential transaction with the General Growth, and Brookfield Asset Management (BAM) has subsequently agreed to modify Brookfield’s governance arrangements with the company, Pershing Square said it no longer believes that the General Growth should consider a sale and should therefore remain an independent publicly traded corporation. Furthermore, Pershing Square said it is satisfied with the board’s oversight of the company and therefore intend to return to their status as passive shareholders of the company. Consequently, Pershing Square terminated its activist investor filing and filed a Schedule 13G, reflecting a passive stake.
News For GGP;SPG;BAM From The Last 14 Days
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April 2, 2015
05:38 EDTSPGMacerich upgraded to Neutral from Sell at UBS
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April 1, 2015
16:24 EDTSPGOn The Fly: Closing Wrap
Stocks began the session in negative territory, extending their losses from yesterday. The slide followed a disappointing report on private sector hiring in March as well as data on manufacturing in the U.S., China and the eurozone. Investors are now looking forward to Friday’s nonfarm payrolls report, which will be issued as usual on the first Friday of the new month despite the fact that the stock market will be closed for the Good Friday holiday. ECONOMIC EVENTS: In the U.S., payroll processor Automatic Data Processing said private payrolls grew by 189,000 in March, missing the consensus forecast for 225,000 jobs to have been added. Markit's final manufacturing PMI for March edged up to 55.7 from the 55.3 flash reading, where analysts expected it to remain. The Institute for Supply Management's manufacturing index fell to 51.5 in March, lower than the consensus forecast for a smaller drop to 52.5 from the prior 52.9 reading. Construction spending declined 0.1% in February, as forecast. In China, the official PMI climbed to 50.1 in March from 49.9 in February, beating the estimate for a 49.7 reading. HSBC and Markit’s manufacturing PMI also topped analysts’ consensus forecast. In Europe, Markit's purchasing managers index for the eurozone rose to 52.2 in March from 51.0 in February. Markit had previously estimated in a flash reading that the PMI rose to 51.9 during last month. COMPANY NEWS: General Motors (GM) slipped 76c, or 2.03%, to $36.74 and Ford Motor (F) declined 23c, or 1.43%, to $15.91 after the automakers reported their U.S. sales fell 2.4% and 3.4%, respectively, in this March compared to the same month of last year... Web domain marketplace operator GoDaddy (GDDY) jumped $6.15, or 30.75%, to close at $26.15 following its first day of trading on the NYSE. The company priced its initial public offering of stock at $20 per share. MAJOR MOVERS: Among the notable gainers was Dyax (DYAX), which advanced $9.00, or 53.69%, to $25.75 after the drugmaker reported data from a Phase 1b clinical trial of its DX-2930 drug, a treatment for hereditary angioedema, or HAE. Also rising was Receptos (RCPT), which jumped $8.55, or 5.19%, to $173.44 after Bloomberg reported that the company received expressions of takeover interest while it was in partnership talks with other drugmakers. Among the noteworthy losers was UTi Worldwide (UTIW), which fell $2.32, or 18.86%, to $9.98 after its quarterly report and guidance prompted RBC Capital to downgrade the stock to Sector Perform and state that it has "lost confidence" in the company's ability to deliver top-line growth, cost cuts, and margin improvement near-term. Also lower were shares of Macerich (MAC), which declined $5.60, or 6.64%, to $78.73 after announcing that its board unanimously rejected Simon Property Group's (SPG) revised, unsolicited proposal to acquire the company for $95.50 per share in cash and stock. INDEXES: The Dow fell 77.94, or 0.44%, to 17,698.18, the Nasdaq lost 20.66, or 0.42%, to 4,880.23, and the S&P 500 dropped 8.20, or 0.4%, to 2,059.69.
08:53 EDTSPGMacerich shares likely to trade to mid-$70s, says Wells Fargo
Wells Fargo expects shares of Macerich (MAC) to initially trade in the mid-$70s before stabilizing in the $77-$82 range after the company rejected Simon Property's (SPG) best and final offer. Wells does not expect Simon to pursue Macerich and notes shareholders are dissatisfied with Macerich's "poor articulation" of a path to a superior outcome. The firm lowered its price target range for Macerich shares to $77-$82 from $95-$100 and keeps a Market Perform rating on the name. Macerich is trading down $4.22 to $80.11 in pre-open trading.
06:25 EDTGGPSears, General Growth announce sale-leaseback of 12 Sears properties
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06:23 EDTGGPSears, General Growth announce 50/50 JV
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05:27 EDTSPGSimon Property withdraws offer to acquire Macerich
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05:25 EDTSPGMacerich board unanimously reject unsolicited offer from Simon Property
Macerich (MAC) announced that its board unanimously rejected Simon Property Group's (SPG) revised, unsolicited proposal to acquire the company for $95.50 per share in cash and stock. The Macerich board carefully reviewed the revised proposal with the assistance of its financial, real estate and legal advisors, and determined that the proposal continues to substantially undervalue Macerich and that pursuing the proposed transaction at this time is not in the best interests of Macerich and its stockholders.
March 30, 2015
10:51 EDTSPGWells thinks Macerich could be working on potential deal
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March 27, 2015
09:44 EDTSPGMacerich board meeting, likely to reject Simon bid, CNBC reports
The board of Macerich (MAC) is meeting and is likely to reject Simon Property's (SPG) best and final takeover offer, CNBC's David Faber reports. Shares of Macerich are trading down 96c to $86.00.
09:42 EDTSPGMacerich likely to reject Simon's best and final offer, CNBC's Faber says
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March 20, 2015
13:20 EDTSPGMacerich takeover offer from Simon 'full and reasonable,' says Wells Fargo
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10:43 EDTSPGMacerich confirms receipt of revised, unsolicited proposal from Simon Property
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08:23 EDTSPGMacerich drops 10% after Simon makes $95.50 per share 'best and final' offer
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08:06 EDTGGPGeneral Growth price target raised to $35 from $28 at Oppenheimer
Oppenheimer increased its price target on General Growth as the firm expects the company's FFO to rise by 10% this year and 13% in 2016. The firm thinks the market underestimates the company's near-term FFO growth and the value of its assets. It keeps an Outperform rating on the shares.
07:47 EDTSPGSimon Property sends final offer to acquire Macerich for $95.50 per share
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07:45 EDTSPGSimon Property sends final offer to acquire Macerich for $95.50 per share
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March 19, 2015
09:55 EDTBAMBrookfield 'strong contender' in Crown Castle telecom auction, Australian says
The auction for Crown Castle's (CCI) Australian telecom tower business saw multiple companies submitting indicative bids this week, reported The Australian yesterday. Brookfield (BAM) is "one of the strongest contenders" partly due to its desire for investment in the sector, notes The Australian, adding that the company is said to have pulled in one or two partners for its Crown Castle bid. Macquarie Group's (MQBKY) Infrastructure and Real Assets has also expressed interest. Reference Link

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