Mills finds shareholders' offer superior to that of Brookfield Asset Management

By Lisa Kerner

Charlotte, N.C., Feb. 13 - The Mills Corp. received a definitive offer from shareholders Simon Property Group, Inc. and Farallon Capital Management, LLC to acquire Mills for $24 per share in a cash tender offer.

The company's board of directors determined this latest definitive offer represents "a superior competing transaction" to Brookfield Asset Management's offer of $21 cash per share.

Brookfield has three business days to present an amended offer.

Farallon manages 10.9% of Mills' outstanding common shares, making it the largest shareholder of record.

Mills is a Chevy Chase, Md., retail developer.

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