Simon Property Group stepped up its fight for General Growth Properties, with a new takeover offer as its bankrupt rival endorsed a financing plan by Brookfield Asset Management.

Simon offered about $5.8bn in stock and cash to buy General Growth and said it would pay down about $7bn of unsecured debt, a person with knowledge of the new bid said. The proposal is the Indianapolis-based company’s third attempt to buy or gain a piece of the No. 2 mall owner. A $10bn buyout bid was spurned in February, and General Growth yesterday said it will support a revised plan by Brookfield in bankruptcy court over a similar one proposed by Simon last month.

The competing offers come ahead of a court hearing scheduled for tomorrow to determine General Growth’s auction process. Simon won’t make any more proposals should its latest one be turned down or if the court approves Brookfield’s plan, which includes issuing warrants that make a takeover more costly, the person familiar with Simon’s bid said.