BREAKING: Simon and partner’s offer for Mills accepted

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.

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