Chicago-based General Growth Properties Inc has been sued by an investor who claimed that directors of the mall operators breached their fiduciary duty to the investors when they rejected a $10 billion buyout offer from Simon Property Group Inc.
Investor James Young filed the suit against Chairman John Bucksbaum and six board members of the General Growth Properties on Friday in Cook County Circuit Court in Chicago.
United States' leading shopping mall owner Simon Property Group said on Tuesday that it unveiled its buyout offer after General Growth turned down its offer of serious negotiations. James Young seeks a court order to bar the directors from signing any contract that hurts the interests of the company or its shareholders.
Spokesman for General Growth declined to comment, while Simon Property Group and James Young could not be contacted for comments.
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