New REIT Takeover Battle Brewing

In another brewing takeover battle in the real estate investment trust sector, The Mills Corp. has received an offer from Simon Property Group and Farallon Capital Management to acquire the company for $24 per common share.The Chevy Chase, Md.-based retail REIT said it considers this to be a better offer than the previously reported bid of $21 per common share and the assumption of debt from Brookfield Asset Management. The Mills board of directors said it will enter into a new agreement with the Simon/Farallon partnership unless Brookfield comes up with a better offer in three days. Simon Property Group is an Indianapolis-based retail REIT. The Mills can be found online at http://www.themills.com.