As the Journal wrote today, this is just the beginning in my humble opinion. $10 billion does not buy the company. The WSJ identifies Brookfield and Vornado as potential bidders. And don't be shocked if one or two other players jump into the game as well, including private equity players that might keep the company intact.
Interestingly, with three possible bidders from the dirt game, could this turn into another Urban Retail Properties/Rodamco scenario, whereby the bidders each take chunks of the company, dividing the spoils? It makes the deal cheaper and probably eliminates any antitrust questions that could arise from a Simon acquisition.
So hold on you hat, and (hopefully not) polish your resumes. This ride could get really, really interesting. And if you are Bill Ackman, be prepared for a very nice payday.
PS: Retail Traffic has an excellent take on the bid. And to what extent does debt holding or buying come into play here? Remember we are talking about a company in Chapter 11....