Brookfield Property Partners is offering $14 billion to buy the remaining shares of mall owner GGP that it doesn't already own.
Brookfield currently owns about 34 percent of GGP Inc., the U.S. shopping mall owner whose holdings include The Mall in Columbia, Towson Town Center, White Marsh Mall, and Mondawmin Mall and The Gallery in Baltimore.
GGP received the unsolicited proposal from Bermuda-based Brookfield Property Partners LP on Saturday. The offer would give each GGP shareholder $23 in cash per share or 0.9656 of a limited partnership unit of Brookfield.
GGP said that a special committee will review the proposal. The company, which also owns high-end malls near Los Angeles, Washington D.C., and Water Tower Place in Chicago, where it is based, emerged from bankruptcy protection in 2010 with help from Brookfield.
GGP's stock surged more than 9 percent on the news.