Brookfield Property Partners confirmed whispers of an unsolicited proposal to acquire mall owner and operator GGP Inc. in a $14.8B deal.

The part-cash, part-equity deal for $23/share would allow Brookfield to purchase the remaining 66% of GGP’s shares. Toronto-based asset manager Brookfield already owns 34% of GGP, shares that it bought back in 2010 when it helped the REIT emerge from bankruptcy. It is unknown whether GGP will accept the buyout bid.

Chicago-based GGP’s board has formed a special committee to discuss the potential deal and consult with financial and legal advisers about a course of action. Goldman Sachs is serving as financial adviser, while Simpson Thacher & Bartlett LLP is serving as legal counsel.

“There can be no assurance that a definitive offer relating to the proposal will be made, that a definitive agreement relating to the proposal or any other transaction will be entered into by the company or that any transaction will be consummated,” GGP wrote in a statement.

News about Brookfield’s potential offer broke last Friday, sending GGP shares soaring 17% to close at $22.20 Nov. 10.

GGP, formerly General Growth Properties, owns 125 shopping centers across the country, including the Glendale Galleria near Los Angeles and Wasington, D.C.’s Tysons Galleria. The REIT reported Q3 earnings of $0.23/share and revenue of $578M, up from Q3 2016’s $554M.

Should the deal proceed, Brookfield said investors can opt for cash or receive a little less than 97 cents/share in a limited partnership with Brookfield.