Mills Accepts Simon's Offer

Mall developer The Mills Corp. said Tuesday that it now plans to accept a $1.6 billion takeover bid by Simon Property Group Inc. and the hedge fund Farallon Capital Management LLC, spurning a lower offer from Canadian company Brookfield Asset Management that Mills agreed to last month.

Chevy Chase, Md.-based Mills said the Simon-Farallon offer at $24 per share constituted a "superior competing transaction" to Brookfield's proposed $21-per-share deal that was valued at $1.35 billion.

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