The fight continues. Simon Property Group Inc. has said that it would not like to give up its fight to take over General Growth Properties Inc. General Growth has, in the meanwhile, said that it has reached a deal with Brookfield Asset Management Inc. The deal is worth $2.6 billion in equity, and would lift General Growth from its current bankruptcy. The company was under chapter 11 bankruptcy, and if the deal goes through, it can exit bankruptcy. General Growth is the operator of properties like Oxmoor Center and Mall St. Matthews.

The deal with Brookfield Asset Management Inc will mean that the Toronto based money manager would get 30% stake in General Growth. It would also get some cash infusion, useful while it attempts to raise $5.8 billon. The amount will be raised by issuing new equity and sale of assets. The deal for the company’s shareholders will be that for every share owned, they would get one new General Growth common stock which would have an issue value of $10 per share. They would also get one share of General Growth Opportunities, which would have an initial value of $5. This is a new company with certain assets, which was being spun off from General Growth Properties.