The U.S. apparel and athletics Group could join shopping mall owners Simon Property Group and Brookfield Property Partners in the acquisition of J.C. Penney Company.
J.C. Penney has allegedly resuscitated its acquisition deal with landlords Simon Property Group and Brookfield Property Partner to rescue the footwear retailer out of bankruptcy proceedings. Reportedly, they have agreed to an enterprise value of US$1.75 billion for buying J.C. Penney's operations, which would be US$100 million higher than their initial bid. However, Simon and Brookfield would pay about US$300 million in cash and assume the rest of the amount in debt. As part of its bankruptcy exit plan, J.C. Penney is said to still intend to spin off most of its real estate assets as a separate real estate investment trust.
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