Tuesday, 30 September 2014
Last updated 1 hour ago
Feb 16 2007 | 12:18pm ET
In the matter of troubled mall operator Mills Corp., hedge fund Farallon Capital Management will have the last laugh after all.
Just a month after its $499 million recapitalization plan was rejected in favor of a $1.35 billion buyout bid from Brookfield Asset Management, Farallon, Mills’ largest shareholder with a 10.8% stake, trumped Brookfield with a $1.64 billion cash offer in partnership with Mills competitor Simon Property Group. In addition to paying $25.25 for each share of Mills common stock—Brookfield had offered $21—Farallon and Simon will take on preferred stock and assumed debt bringing the total value of the deal to $7.9 billion.
“This is an excellent opportunity for us to expand our real estate portfolio with high-quality assets in key metropolitan centers and team with the clear leader in the retail real estate sector,” Richard Fried, managing member of San Francisco-based Farallon, said.
Farallon’s previous bid for Mills offered $21 per share. Chevy Chase, Md.-based Mills, which faced a March deadline to pay off a $1 billion loan, said it terminated its agreement with Toronto-based Brookfield “after determining that the SPG/Farallon offer was more favorable to its stockholders.”
More favorable, but still at a discount: Mills shares were trading at $26.70 at the close of the market yesterday, falling to $25.43 at press time Friday.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
High frequency trading is not evil, it is not a conspiracy and it really is not new; it is the natural evolution of the professional trading community making markets, providing liquidity and hopefully...