|Bid||0.00 x 1800|
|Ask||0.00 x 1800|
|Day's range||11.96 - 12.16|
|52-week range||7.10 - 20.58|
|Beta (5Y monthly)||1.56|
|PE ratio (TTM)||N/A|
|Forward dividend & yield||1.33 (11.09%)|
|Ex-dividend date||28 May 2020|
|1y target est||N/A|
Mall operators Simon Property Group (NYSE: SPG) and Brookfield Property Partners (NASDAQ: BPY) joined forces to present a bid to buy J.C. Penney (OTC: JCPN.Q) out of bankruptcy, and theirs has reportedly emerged as the leading offer. While private equity firm Sycamore Partners was offering a somewhat higher amount, Simon and Brookfield are jointly willing to offer concessions on the department store's leases that have led the company and its lenders to view their bid as a better option. Simon is the country's largest mall operator, and J.C. Penney has a presence in about half of its malls, or some 63 locations.
Brookfield Property Partners' parent came forward with a "deal" for unit holders, and the price took off accordingly.
According to sources said to have direct information, J.C. Penney (NYSE: JCP) may be currently working out a deal to be bought out by its own landlords, Brookfield Property Partners (NASDAQ: BPY) and Simon Property Group (NYSE: SPG). A third company, privately held Authentic Brands Group, LLC, is apparently in alliance with the retailer's landlords to work out an acquisition deal. J.C. Penney recently declared Chapter 11 bankruptcy after store closures from the COVID-19 pandemic sent its already struggling operations into a tailspin.