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Hedge Fund Offers $499M to Recap Mills

SAN FRANCISCO-The shopping mall owner and developer receives a $499-million recapitalization offer from a locally based hedge fund.

By Brian K. Miller | Updated on January 16, 2007

(For more retail coverage, click GlobeSt.com/RETAIL.)

SAN FRANCISCO-The Mills Corp. said Tuesday in an SEC filing that locally headquartered hedge fund manager operator Farallon Capital Management has offered to recapitalize the company by acquiring $499 million of newly issued shares at an average price of $20 per share. Shares of Mills Corp. jumped 17% on the news.

Mills last week said in an SEC filing it might have to seek bankruptcy protection because it faces a March 31 deadline to repay a $1.1-billion loan from Goldman Sachs. Previously, Mills said it would have to restate financial statements for 2001 through 2004 and for the first three quarters of 2005. The company has since replaced most of its top management.

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