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BREAKING: Simon and partner's offer for Mills accepted

February 13, 2007

Shopping mall developer Mills Corp. today said it plans to accept a $1.56 billion buyout offer from Simon Property Group Inc. and a San Francisco hedge fund that tops an offer by Toronto-based Brookfield Capital Management Inc.

Mills said its board has terminated its agreement with Brookfield, which had offered $1.35 billion. Indianapolis-based Simon and Farallon Capital Management LLC made their bid for Mills, which owns 38 malls, Feb. 5. Mills is based in Chevy Chase, Md.

This story will be updated at www.IBJ.com.

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