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Mills and Gazit-Globe Reach Accord

CHEVY CHASE, MD-Together they have agreed to the nomination of four people to Mill's board of directors.

By Erika Morphy | Updated on December 06, 2006

CHEVY CHASE, MD-The Mills Corp. and Gazit-Globe have reached a temporary accord. The two firms have agreed on a slate of four nominees for Mills’ board of directors. The four agreed upon nominees will be voted on during its annual stockholders meeting on Dec. 29. Gazit had been trying to elect its own slate of directors to the board.

The two firms also agreed to enter into a confidentiality agreement that includes a standstill provision effective until March 30, 2007. This will be filed with the SEC.

These decisions were part of a settlement approved by the Delaware Chancery Court yesterday. The court also ordered that the shares represented at that meeting are to constitute a quorum, although the quorum requirement is in Mills’ bylaws.

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