"We and our board of directors have given considerable thought to your indication of interest and have concluded based on discussions with other interested parties that it is not sufficient to preempt the process we are undertaking to explore all avenues to emerge from Chapter 11 and maximize value for all the Company's stakeholders," wrote General Growth CEO Adam Metz in a letter that was also published as a press release.
"As we are committed to fully exploring all potential options available to the Company, we would like to include Simon as part of this process," the letter continued. "We believe the information we would provide to you as part of this process will enable you to better understand the Company, get to a higher valuation, and provide a fully documented offer."
General Growth is the parent company of The Streets of Southpoint in Durham and is the second largest mall-owner in the U.S.
