Mills OKs $1.64 billion buyout; Simon, Farallon to acquire after sweetening deal.(BUSINESS)

0 Comments | Washington Times, The, February, 2007

Byline: Jen Haberkorn, THE WASHINGTON TIMES The bidding war over local mall developer Mills Corp. appears to have come to an end. The Chevy Chase-based company signed a definitive merger agreement to be acquired by Simon Property Group, Inc. and Farallon Capital Management LLC, which is Mills' largest shareholder, for $1.64 billion, the companies said yesterday.

Brookfield Asset Management Inc., the Toronto company that had signed a definitive agreement to buy Mills for $1.35 billion last month, made a last-ditch effort to hang onto the deal Thursday night with a new bid, said a source close to the situation. That led Simon to increase its bid from the $1.56 billion it had offered Feb. 5. Shareholders would get $25.25 per share under the cash deal,...