When I see statements like this from their CEO, I knew it was a low-ball offer. " Simon is in a unique position of being able of being able to offer General Growth creditors and shareholders full, fair and immediate value." Immediate value is the key statement. They're looking for a quick close before the competition heats up for GGP's assets. I think its too late for that at this point. It will be interesting to see the response not only from GGP, but from some of the large shareholders like Bill Ackman.
Todd Sullivan at Value Plays has had the playbook for this whole thing, and I thank him for that. If you haven't seen his site, you need to get there and subscribe.
I'm into GGP at $1.79 after reading Todd's analysis. My only regret is not buying more shares.
We'll see where this takes us, but its likely a lot more will be happening here soon.
Disclosure: Long GGWPQ