The acquisition battle for mall owner General Growth Properties Inc. on Wednesday, has revealed a deal with Canadian property investor Brookfield Asset Management Inc., even Westfield, which owns 119 malls in US, Australia and Britain, has signed an agreement to start discussions with General Growth's operations and "a possible proposal for the company".

According to the General Growth's plan, it has decided to divide itself in two to exit bankruptcy. This will be a challenge for the company to collect $7 billion in cash to pay its creditors.

From a proposed spinoff off General Growth's residential development division, Simon property Inc. would pay around $6 a share in cash and $3 a share in value.

Brookfield has guaranteed to purchase 30% of that company's shares at a price of $10 a share, for $2.5 billion. Brookfield has decided to value General Growth at about $4.5 billion in equity value in comparison with $3 billion according to the Simon offer.

On Wednesday, General Growth revealed various steps for getting the $2.6 billion from Brookfield and decided to sell another $2.8 billion of new stock in the biggest company after the split and will issue $1.5 billion in new debt and will sell $1 billion of stakes in some of its malls.