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Mills Accepts Simon's Offer

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Mills officially ended its agreement with Brookfield Asset Management and entered a new one with Simon Property Group and Farallon Capital Management. On Tuesday, Mills announced it had determined Simon's offer was "superior" to agreement it had reached with Brookfield, but it gave the Canadian REIT three days to come up with a counterproposal.

Apparently, it has decided to pass. (It does, however, stand to pocket a $40 million breakup fee from Simon and its partner, plus reimbursement for expenses.)

The agreement with Simon values Mills stock at $25.25 per share and will include $1.64 billion in cash. In all, the deal is worth $7.9 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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