Mall giant Simon Property Group Inc. warned General Growth Properties Inc. late Wednesday that Simon might drop its $10bn takeover bid for the company or go hostile if General Growth didn't come to the bargaining table soon.

David Simon, the chief executive and chairman of the country's largest mall company, said in a letter to General Growth that its plan to go through a lengthy process of weighing a number of competing offers and recapitalization strategies was endangering creditors. "Time is passing and General Growth is inappropriately speculating with creditors' money," the letter states.

Wall Street Journal