Brookfield Asset Management has proposed to buy the mall owner GGP to expand its real estate footprint.
The Canadian investor is offering $23 per share for the outstanding shares it doesn't own, it said in a statement on Monday. Brookfield already has a roughly 34% stake in GGP. The offer confirmed earlier news reports.
In a separate statement, GGP acknowledged that it had received the offer and created a special committee to look into it.
Traffic to malls has been declining as more customers have chosen to shop more online, forcing some mall owners to find other uses for their properties.
GGP shares rose 4% premarket to $23.50, topping the offer price.