Brookfield has confirmed its intention to buy General Growth Properties for $14.8B, sparking a firestorm of speculation about a potential bidding war.

Several GGP Inc. analysts believe Brookfield Property Partners' asking price of $23/share is too low, particularly since GGP stock rose 7% on news of the potential buyout.

Boenning & Scattergood’s Floris van Dijkum said the mall REIT is worth $35 a share and will likely not accept anything less than $30 a share, Seeking Alpha reports.

Sandler O’Neill predicts $28 per share is a more realistic goal.

Stifel analysts Alexander Fraser, Jennifer Hummert and Simon Yarmak wrote in a research note that though other GGP bidders may emerge, Brookfield is the logical buyer considering it already owns a 34% stake in the REIT.

UPDATE, Nov. 14: Bloomberg analysts believe GGP accepting the "lowball" $23/share offer could result in repricing throughout the retail market. They said the price is a discount to the value of GGP's portfolio and could make investors around the country reconsider the valuation of retail real estate.

UPDATE, NOV. 15: Morningstar Credit Ratings said it sees the potential acquisition as generally positive for CMBS since Brookfield could leverage its broad expertise to redevelop malls and explore alternative uses of space. But it has a caveat: "Once Brookfield digests the GGP portfolio, there may be underperforming shopping centers into which the combined company is unwilling to invest additional capital.  These could become a risk over time."

This story is developing, and Bisnow will update as new predictions and bids emerge.