Acquisition By Simon Property Group
On January 17, 2007, the Mills Corporation agreed to a buyout from Brookfield Asset Management, based out of Toronto. The deal was valued at US$1.35 billion. The company was forced to seek help after a possible management misconduct resulted in a $350 million accounting error. Brookfield would have paid $21 for each share of Mills Corporation. However, on February 13, 2007, Mills announced that their board had determined that a competing offer from Simon Property Group of Indianapolis, Indiana was superior to the Brookfield offer. Brookfield had the option to submit a counter offer, but February 16, 2007, Simon Property Group and Farallon Capital agreed to acquire Mills for $25.25 per common share.
On April 6, 2007, Farallon and Simon completed the acquisition of Mills. All former Mills malls became Simon properties at the acquisition date and are now shown on Simon's website. The Mills became Simon's fifth retail platform, along with Regional Malls (the 21st Century malls included) and Chelsea Premium Outlets. The new platform (for Landmark Mills only) is known as The Mills: A Simon Company.
Read more about this topic: Mills Corporation
Famous quotes containing the words acquisition, simon, property and/or group:
“Wars and revolutions and battles are due simply and solely to the body and its desires. All wars are undertaken for the acquisition of wealth; and the reason why we have to acquire wealth is the body, because we are slaves in its service.”
—Socrates (469–399 B.C.)
“Stevenson had noble ideas—as did the young Franklin for that matter. But Stevenson felt that the way to implement them was to present himself as a thoughtful idealist and wait for the world to flock to him. He considered it below him, or wrong, to scramble out among the people and ask them what they wanted. Roosevelt grappled voters to him. Stevenson shied off from them. Some thought him too pure to desire power, though he showed ambition when it mattered.”
—Garry Wills, U.S. historian. Certain Trumpets: The Call of Leaders, ch. 9, Simon & Schuster (1994)
“The second property of your excellent sherris is the warming
of the blood.”
—William Shakespeare (1564–1616)
“Jury—A group of twelve men who, having lied to the judge about their hearing, health, and business engagements, have failed to fool him.”
—H.L. (Henry Lewis)