February 16, 2007
The Mills Corporation agrees to be acquired by a joint venture between Simon Property Group Inc. and funds managed by Farallon Capital Management LLC.
On February 16, it was announced that Willkie client The Mills Corporation agreed to be acquired by a joint venture between Simon Property Group Inc. and funds managed by Farallon Capital Management LLC for $25.25 per common share in cash or about $1.64 billion. The total transaction value of the deal is $7.9 billion including assumed debt and preferred stock. The transaction terminates a previous merger agreement with Brookfield Asset Management Inc. Willkie worked with co-counsel Wachtell Lipton and Hogan & Hartson on the merger transaction and related refinancing of Mills senior credit facility. The Mills Corporation, based in Chevy Chase, MD, is a developer, owner and manager of a diversified portfolio of retail destinations, including regional shopping malls and market-dominant retail and entertainment centers. The deal was handled by partners Eugene Pinover and Douglas Ulene, and associates Thomas Henry, Andrew Wurzburger, Michael Sherman, Matthew Kaplan, Debra Sapp, Jeremy Crystal and Brian Weinberger.