GGP Inc. Confirms Receipt of Unsolicited Proposal From Brookfield Property Partners L.P.

CHICAGO--(BUSINESS WIRE)--GGP Inc. (NYSE: GGP) (“GGP” or “the Company”) today confirmed that on Saturday, November 11, 2017, the Company’s Board of Directors (the “Board”) received an unsolicited proposal (the “Proposal”) from Brookfield Property Partners L.P. (“BPY”) (NYSE: BPY; TSX: BPY.UN) for BPY to acquire all of the outstanding shares of common stock of GGP other than those shares currently held by BPY and its affiliates (which represent approximately 34% of the outstanding shares of GGP’s common stock). According to the Proposal, each GGP stockholder would be entitled to elect to receive consideration per GGP common share of either $23.00 in cash or 0.9656 of a limited partnership unit of BPY, subject in each case to pro-ration based on a maximum cash component of 50% of the aggregate offer and a maximum stock component of 50% of the aggregate offer.