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Pershing Square sells back General Growth shares

General Growth Properties buys back 27.6 million shares held by Pershing Square for $556M

Associated Press

CHICAGO (AP) -- General Growth Properties Inc. said Monday it has bought back roughly 27.6 million shares held by Pershing Square Capital Management LP for about $556 million.

The move leaves Pershing Square without any common shares in shopping mall owner.

The transaction, which was priced at $20.12 per share, also reduced General Growth's total diluted common shares to about 937 million shares.

Pershing Square was part of an investor group that in 2010 helped finance General Growth's exit from Chapter 11 bankruptcy protection. It was the largest real estate bankruptcy case in U.S. history.

Shares of General Growth ended regular trading up 22 cents, or 1.1 percent, to $20.83. The stock added 7 cents to $20.90 in extended trading.