The company closed at $0.49 per share, but fell further in after hours trading.
General Growth was dropped from the S&P 500.
Westfield sort of hinted it might be interested in buying GGP assets.
“If you hold to the rules we’ve followed the last four or five years, if the markets keep going, then you’ll get a feel for how we probably look at these things, and it could either be a company or a set of assets,” joint managing director Steven Lowy told analysts on a webcast.
Past links:
- November 11, General Growth Warns of Default
- November 5, GGP, Kimco Fall After Cutting Forecasts
- November 2, General Growth “Almost Literally Worth Nothing”
- October 17, Management Changes at GGP
- October 15, Margin Calls Hit Two More Retail REITs
- October 7, General Growth Near Bankruptcy?
- October 3, General Growth CFO Steps Down; Company Suspends Dividend
- October 2, GGP Under Fire for Inclusion on Short-Sell Ban List
- October 1, Could General Growth Be Sold?
- September 23, Short Selling Banned on General Growth
- September 22, General Growth Strikes Back
- September 16, General Growth Offers More Recourse
- August 12, Another Look at GGP’s Debt
- August 6, Analysis of GGP’s Debt
- July 25, Stories With Bigger Implications?
- July 14, GGP Lines Up New Financing
- April 16, GGP’s Growing Debt Problem
It’s a staggering revelation that General Growth’s stock could drop so far in value in such a short time. I may be off a bit but I seem to recall the stock trading at around $75 per share not too long ago. The company value has just gone up in smoke.