UPDATE 2-Simon CEO–No pressure from rival Gen Growth plan

*Simon CEO says no pressure to raise offer

*Says General Growth plan still lacks certainty
(Recasts; Updates with additional comments by Simon CEO)

NEW YORK, March 11 (BestGrowthStock) – The chief executive of Simon
Property Group Inc (SPG.N: ) said on Thursday a revised plan by
management of General Growth Properties Inc (GGP.N: ) to emerge
from bankruptcy would not put pressure on his company to
sweeten its own $10 billion offer.

Simon CEO David Simon, speaking at a conference at New York
University, said that the General Growth proposal lacks
certainty despite its new financial backing. Simon, the largest
U.S. mall owner, last month offered to buy General Growth, the
second-largest, in a plan that had support from many General
Growth unsecured creditors.

But General Growth on Monday set forth a competing plan to
emerge from bankruptcy, under which William Ackman’s Pershing
Square Capital Management and fund manager Fairholme Capital
Management would invest up to $3.93 billion.

That plan has backing from Canada’s Brookfield Asset
Management Inc (BAMa.TO: ). Pershing Square is General Growth’s
largest shareholder, and Fairholme its largest debtholder.

General Growth had earlier proposed to split into two
companies, in a plan under which Brookfield would have invested
roughly $2.63 billion in exchange for a 30 percent stake.

That plan also called for General Growth to sell about $1
billion of assets and raise $3.3 billion of equity.

In a short interview after his conference appearance,
Simon said that General Growth’s revised plan would not force
his company to respond with an improved offer.

“I don’t feel any pressure on the deal,” Simon said. “We’re
going to do what we think is in the best interest of our
shareholders.”

While General Growth’s portfolio of more than 200 malls in
43 states would represent a rare opportunity for Simon Property
to cement its leadership in the market, the chief executive was
cautious, saying: “I don’t generally believe that anything is a
once-in-a lifetime opportunity.”

“We’d like to do a deal we think we can make money from,”
he said.

Simon told the conference that the revised plan retains
potential pitfalls for General Growth shareholders.

“The first plan had a lot of uncertainty to it, in terms of
how it was going to impact shareholders,” Simon said at a New
York University conference. “Their added plan eliminates some
uncertainty, but not all of it.”

The case is In re: General Growth Properties Inc, U.S.
Bankruptcy Court, Southern District of New York, No. 09-11977.

Stock Market News

(Reporting by Paritosh Bansal, Ilaina Jonas and Jonathan
Stempel, editing by Dave Zimmerman and Gerald E. McCormick)

UPDATE 2-Simon CEO–No pressure from rival Gen Growth plan