The $1.56 billion takeover offer that Simon Property Group unveiled this morning for mall owner Mills Corp. was long overdue, said a RBC Capital Markets analyst.
Rich Moore, who follows the Indianapolis-based shopping mall owner for the
“The king has arrived on the scene and put his bid in, and all is right with the world,”
Simon teamed with San Francisco-based Farallon Capital Management Inc.—Mills’ largest shareholder—to make the offer. Each is putting $650 million in equity toward the offer.
Their bid of $24 per share is $3 a share higher than a January offer from Brookfield Asset Management Inc. of
Mills said it will consider the Simon-Farallon offer.
Mills, headquartered in
In early January, Mills revealed accounting errors and official misconduct that it said might drive it into bankruptcy.