Report: Simon weighs new General Growth bid
Los Angeles Simon Property Group is considering raising its $10 billion buyout offer for rival shopping mall owner General Growth Properties as early as this week, according to the Associated Press.
Simon sent a letter to General Growth this week saying it anticipates boosting its offer above that of a proposal put forth by General Growth and three of its largest stakeholders.
Despite being in Chapter 11 bankruptcy protection for nearly a year, General Growth finds itself in the unusual position of courting buyout offers that promise to pay off creditors in full and give shareholders a premium for their stock, the report noted.
Simon went public last month with its bid for General Growth, but it was rebuffed.
General Growth is looking for a higher offer and has put forward a plan to exit bankruptcy with an investment from Canadian property manager Brookfield Asset Management, Fairholme Capital Management, one of its largest unsecured creditors, and Pershing Square Capital Management, one of its largest shareholders.
General Growth is expected to seek approval from the bankruptcy court in coming weeks to designate the Brookfield-Fairholme-Pershing proposal as a “stalking-horse” bidder as it solicits other buyout offers. A stalking-horse bid is an initial offer for a bankrupt company’s assets.
General Growth also plans to ask the court to approve so-called bid protections that would compensate the investor group should General Growth sell the company to another bidder. The company has previously outlined compensating the stalking-horse bidder with warrants to buy 60 million shares of General Growth at an exercise price of $15 a share.
U.S. Bankruptcy Judge Allan Gropper in New York has tentatively set April 13 to hear the request.
Licensing industry honors Hasbro leader
NEW YORK Alan Hassenfeld, chairman of the executive committee and former chairman of the board Hasbro and the late Stephen Hassenfeld, CEO and chairman of the board until 1989, have been selected for induction into the International Licensing Industry Merchandisers’ Association Licensing Industry Hall of Fame.
The induction ceremony will take place on June 8 at the second annual LIMA Opening Night Awards Party at Licensing International Expo 2010, which will be held at the Mandalay Bay Convention Center in Las Vegas.
“Stephen and Alan transformed their family’s Rhode Island toy company into a global marketing powerhouse, along the way garnering Wall Street’s respect for toy companies,” said Charles Riotto, president of LIMA. “They also share LIMA’s commitment to integrity in business and to giving back to the communities and consumers who support our business. LIMA is proud to honor them as licensing industry pioneers at Licensing International Expo this June.”
Sears selects TweetMyJOBS to promote employment opportunities
CHARLOTTE, N.C. Sears Holdings has selected TweetMyJOBS, a company that uses social media and other digital platforms to inform members of new job opportunities.
“Last year, Sears Holdings posted more than 500 thousand job openings through several traditional job recruiting channels, but we’re quickly realizing that we needed to broaden our employment marketing to include social media,” said Lance Brolin, director of talent and human capital services operation for Sears Holdings. “We’ve chosen to work with TweetMyJOBS because their service is an innovative approach that can save us time, money and, most importantly, bring us the quality candidates we need.”
Job seekers can search TweetMyJOBS.com by type of work, location or specific company, or choose to receive instant notification via text message when a job fitting their criteria is posted. Online, through computers or smartphones, they can see detailed information about available positions, and view recruiter or employer web pages which further describe the job listings. After identifying a position that is ideal for them, job seekers can apply in a few short clicks. They can also proactively tweet their resume out on the “Twittersphere” for recruiters to find while searching for job candidates.