February 6, 2007 |
Mall owner Simon Property Group Inc. and Farallon Capital Management, the largest shareholder of beleaguered Mills Corp., offered Monday to buy Mills for $1.56 billion, topping a $1.35-billion offer from Brookfield Asset Management Inc. The new bid for Chevy Chase, Md.-based Mills is valued at $24 a share. Last month, Canada-based Brookfield agreed to buy Mills for $21 a share. Indianapolis-based Simon, the largest U.S.
January 18, 2007 |
Robust offers for two prominent commercial real estate companies demonstrate that demand by large investors for prime office and retail properties has yet to peak, industry observers said Wednesday. Canadian investment firm Brookfield Asset Management Inc. agreed Wednesday to pay $1.35 billion for Mills Corp., the troubled owner of 38 shopping centers, including two of Southern California's largest malls. The price is considered top dollar by mall industry experts.
January 10, 2007 |
Mills Corp., an owner of 38 U.S. shopping malls, including the Del Amo Fashion Center in Torrance, said Tuesday that it might be forced into bankruptcy after executive misconduct and accounting errors resulted in almost four years of earnings restatements. Its shares fell 22%, the most since August. Chevy Chase, Md.-based Mills, which is seeking a buyer, will restate results for 2001 to 2004 and for the first three quarters of 2005 and expects the errors to cost as much as $354 million.
December 30, 2006 |
Mills Corp. shareholders elected four new directors at an annual meeting marked by investors' anger, and the company said it would file earnings restatements for 2005 by the end of January and its 2006 report by March 1. Two new directors were chosen by Tel Aviv-based Gazit-Globe Ltd., Mills' second-largest shareholder. Gazit gains influence at Mills as the Chevy Chase, Md.-based mall developer, which has lost half its market value this year, seeks a buyer.
October 26, 2006 |
Gazit-Globe Ltd., an Israeli-based real estate investment company, said it had offered to invest as much as $1.2 billion in Mills Corp. to give the U.S. shopping mall owner and developer an alternative to an outright sale. The news of the offer sent Mills' stock up $2.34, or 13.8%, to $19.35. Shares reached $20.50, their highest level since August, in early trading. Mills, based in Chevy Chase, Md.
October 3, 2006 |
Mall developer Mills Corp., under investigation for accounting problems, said Monday that its longtime chief executive retired over the weekend, becoming the second high-ranking executive to leave in recent months. Laurence Siegel retired under a deal reached with Mills on Saturday but will remain nonexecutive chairman of the company's board of directors. Former Mills Chief Financial Officer Mark Ordan was appointed CEO of the Chevy Chase, Md.-based company, which has been seeking a buyer.