Mills' board is still deciding on the Brookfield proposal but isconsidering the Simon-Farallon deal because it could lead to what acompany document calls a "Superior Competing Transaction." Mills'management and advisors will now start discussions with theparties.
As part of their proposal Simon and Farallon are offering $650million in equity and plan to replace a $1.55-billion loan withfinancing that will include a working capital facility. MerrillLynch is the financial advisor to the two parties. Simon's legalrepresentative is Fried, Frank, Harris, Shriver & Jacobson,while Paul, Weiss, Rifkind, Wharton & Garrison LLP and RichardsKibbe & Orbe LLP are legal counsel to Farallon.
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