Brookfield readies General Growth bid

Chicago Just days after the announcement that Indianapolis-based Simon Property Group had made an unsolicited $10 billion bid to acquire Chicago-based General Growth Properties, Canadian property giant Brookfield Asset Management is readying a bid to take a large ownership stake in the mall owner.

According to a report by the Wall Street Journal, which cited several unidentified sources, Brookfield's planned bid (which could be unveiled as soon as this week) would allow General Growth to exit Chapter 11 bankruptcy proceedings as a standalone company, with Brookfield as its largest shareholder. By contrast, Simon's bid is an all-cash, $9-a-share takeover offer.

Brookfield's plan, which still is being negotiated, would make it the largest buyer in a massive sale of stock that General Growth plans to undertake to raise capital for emerging from bankruptcy. Brookfield would invest at least $2 billion, according to the report.

Neither Brookfield nor General Growth have commented publicly.

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