Simon pressures General Growth to speed up negotiations

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NEW YORK, Feb 17 (Reuters) – Simon Property Group Inc (SPG.N) stepped up pressure on General Growth Properties Inc (GGWPQ.PK) on Wednesday, threatening to walk away from its $10 billion bid if its bankrupt rival did not begin talks soon.

Simon Property Chief Executive David Simon accused General Growth of “inappropriately speculating with creditors’ money” and urged the bankrupt company begin serious talks now, launching the latest salvo in a battle that has rapidly escalated after months of behind-the-scenes maneuvering.

“I want to reiterate that our offer is not open-ended, and we have a number of other opportunities under consideration. We sincerely hope you will engage seriously with us without further delay,” David Simon wrote in a letter addressed to General Growth CEO Adam Metz.

Full story: UPDATE 3-Simon tells General Growth to negotiate now | Reuters

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