GGP Inc., which owns the Saint Louis Galleria and Plaza Frontenac malls, has turned down Brookfield Property Partners’ $14.8 billion bid to acquire the remaining shares of the Chicago-based mall owner.

The companies remain in talks, according to Bloomberg. The discussions could take several months, per the head of the real estate unit of Brookfield Property Partners' parent company, Toronto-based Brookfield Asset Management.

"These are processes that everyone goes through," Bruce Flatt, CEO of Brookfield Asset Management, said Monday on Bloomberg Television. "We think we have a fair offer on the table. We have a great board of independent directors and they're going to consider it. There'll be lots of stories between now and when the process ends, and I think they'll see it as a fair offer."

Read the rest of this story online at the St. Louis Business Journal.