General Growth Properties’s proposal to exit bankruptcy with funding from Brookfield Asset Management. has a clause that will give the company until the end of the year to complete a takeover deal with another party, according to two people with knowledge of the plan.

The proposal, which may be filed with the bankruptcy court today, will compel Brookfield to stay as a backup investor until General Growth accepts and completes any superior offer it may receive, said the people, who asked not to be identified because the plan isn’t yet public. The Brookfield plan, which also includes Fairholme Capital Management and Pershing Square Capital Management, would keep the mall owner independent.

The provision would give General Growth time to explore a takeover bid from Simon Property Group, whose $10bn offer was turned down by its rival in February. Simon, the largest US mall owner, is preparing a new bid, according to a person with knowledge of that plan.