Mills will consider Simon's proposal.(BUSINESS)

0 Comments | Washington Times, The, February, 2007

Byline: Jen Haberkorn, THE WASHINGTON TIMES Mills Corp., the local mall developer at the center of a bidding war, said yesterday it plans to pursue a bid from Simon Property Group Inc., the largest mall owner in the country, and Farallon Capital Management LLC, Mills' largest shareholder. The Chevy Chase company deemed Simon's $1.56 billion bid, which comes to $24 cash per share, better than a $1.35 billion offer from Toronto's Brookfield Asset Management Inc.

Mills had agreed Jan. 17 to accept Brookfield's deal. Mills "considered a number of factors, including the higher per-share consideration that Simon and Farallon have offered and the likelihood that the Simon/Farallon transaction could be completed more quickly than the Brookfield merger," the...