Simon Property, Farallon to buy Mills |
|
|
|
Published
:
Fri, 16 Feb 2007 16:07
|
SAN FRANCISCO (AP) - Simon Property Group Inc. and hedge fund Farrallon Capital Management LLC said Friday they agreed to purchase mall developer Mills Corp. for about $1.64 billion.The joint venture will pay $25.25 per share in cash for the outstanding common stock of Mills and the common units of Mills LP not owned by Mills. Simon and Farallon will also assume about $7.9 billion in debt and preferred stock.The deal trumps a previous $1.35 billion bid from Canadian investor Brookfield Asset Management Inc. As a result, Mills has terminated its previous agreement with Brookfield after determining the Simon/Farrallon offer was more favorable to its shareholders. Mills' board unanimously approved the deal.Chevy Chase, Md.-based Mills, which is struggling under heavy debt and widespread accounting problems, had initially agreed to the Brookfield transaction last month.Funds managed by Farallon currently own more than 10.8 percent of the outstanding common shares of Mills. Simon Property has also obtained an option to acquire approximately 4.9 percent of Mills' shares from Stark Master Fund Ltd.The tender offer for Mills' shares is expected to close in about 45 days.Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
|
|
|
|
|
|
|
| Stock
Quotes * |
|
NASDAQ
|
|
2792.28 |
22.57 (
0.81 %)
|
| SYMBOL (
2012-01-19 ) |
| LAST |
CHANGE
|
|
CARNIVAL
(
11:35am )
|
|
2017.00 |
46.00 (
2.42 %)
|
|
WHITBREAD
(
11:35am )
|
|
1662.99 |
33.99 (
2.09 %)
|
| SYMBOL (
2012-01-19 )
|
| LAST |
CHANGE
|
|
IBM
(
12:34pm ) |
|
181.50 |
0.43 (
0.24 %)
|
| SYMBOL (
2012-01-19 )
|
| LAST |
CHANGE
|
|
|
Print this Story
Mills calls latest offer 'superior' 