Simon/Farallon's $7.9B Offer Wins Mills

CHEVY CHASE, MD-The Mills Corp. has accepted a $25.25-per-share acquisition offer from Simon Property Group Inc. and Farallon Capital Management LLC. The JV is paying $1.64 billion for the outstanding common stock of the Mills and the Mills LP. Including assumed debt and preferred stock, it is a $7.9-billion deal.

Mills, therefore, has terminated its $7.5-billion agreement with Brookfield Asset Management, ending what has been a multifaceted bidding war for the beleaguered company. Earlier this week, Mills reported it would pursue the Simon/Farallon $24-per-share offer as it was a “Superior Competing Transaction,” after Brookfield had beat out a number of competing offers, as reported by GlobeSt.com.

“SPG and Farallon are smart investors who recognized the high quality and potential of the Mills’ properties and have the resources to upgrade our properties and to continue to attract premium tenants to the Mills assets,” says Mills CEO and president Mark Ordan, in a statement.