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.