CHICAGO — Brookfield Property Partners offering $14 billion to buy the remaining shares of mall owner GGP that it doesn’t already own.

Brookfield currently owns about 34 percent of GGP.

GGP Inc. said Monday that it received an unsolicited proposal from Brookfield Property Partners LP on Saturday. The offer would give each GGP shareholder $23 in cash per share or 0.9656 of a limited partnership unit of Brookfield.

GGP says that a special committee will review the proposal. The company, which owns high-end malls near Los Angeles, Washington D.C., and Water Tower Place in Chicago, where it is based, emerged from bankruptcy protection in 2010 with help from Brookfield.

GGP’s stock surged more than 8 percent in premarket trading.

Author photo
The AP is one of the largest and most trusted sources of independent newsgathering. AP is neither privately owned nor government-funded; instead, as a not-for-profit news cooperative owned by its American newspaper and broadcast members, it can maintain its single-minded focus on newsgathering and its commitment to the highest standards of objective, accurate journalism.