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Mills Accepts Simon's Offer

Mall developer The Mills Corp. said Tuesday that it now plans to accept a $1.6 billion takeover bid by Simon Property Group Inc. and the hedge fund Farallon Capital Management LLC, spurning a lower offer from Canadian company Brookfield Asset Management that Mills agreed to last month.

Chevy Chase, Md.-based Mills said the Simon-Farallon offer at $24 per share constituted a "superior competing transaction" to Brookfield's proposed $21-per-share deal that was valued at $1.35 billion.

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Elaine Misonzhnik

Senior associate editor Elaine Misonzhnik has been writing for National Real Estate Investor since June 2006 and has covered commercial real estate for more than 12 years. She first became...
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