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BREAKING: Simon launches bidding war for Mills Corp.

February 5, 2007

Simon Property Group today offered a competing bid for Mills Corp., a Chevy Chase, Md., shopping mall company that said last month it might have to seek bankruptcy protection.

Simon’s offer of $24 per share, or $1.56 billion, is $3 per share higher than a January offer by Brookfield Asset Management Inc. of Toronto, Canada.

Joining Indianapolis-based Simon in the bid is Farallon Capital Management, of San Francisco.

In early January, Mills disclosed that an internal investigation showed its executives had been involved in earnings misconduct, and that the company likely would need to seek bankruptcy protection.

Mills has 38 malls across the country.

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