Brookfield bid for GGP

Brookfield Property Partners, one of the world’s largest commercial real estate companies, on Monday made an unsolicited bid to buy the 66 percent stake in mall owner GGP it does not already own for $14.8 billion.

The $23 cash-and-stock offer for each GGP share represents a premium of 3.6 percent to GGP’s Friday close. But it is at a 21 percent premium to GGP’s close on Nov. 6, a day before Bloomberg reported that Brookfield was in preliminary talks with GGP.

GGP’s shares closed at $24.05, up 8.3 percent.

Brookfield’s shares closed down 5 percent, at $22.50.