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| The Mills responds to public announcement of Israeli corporation The Mills Corporation, a Chevy Chase, Maryland-based company, has responded to a proposal of Israel's largest real estate investment company Gazit-Globe Ltd. The Tel Aviv firm has acquired 9 percent of the outstanding common stock of The Mills Corporation, that is a prominent owner and developer of regional malls and shopping centers in the United States. Gazit-Globe said its goal is to recapitalize what it views as a struggling Mills Corporation, and that it is prepared to “invest up to $1.2 billion into Mills” in accordance with the terms outlined in the Schedule 13D that Gazit has filed with the Securities and Exchange Commission. The Mills said Gazit-Globe's recapitalization proposal is contingent on the completion of the announced Meadowlands Xanadu transaction with Colony Capital and other matters, including the satisfaction of a variety of financial tests and measures that The Mills will not be in a position to confirm or certify until the pending restatement of its financial statements has been completed. Gazit-Globe's recapitalization proposal will be considered by The Mills' board of directors as part of the process of exploring strategic alternatives and maximizing value for all Mills shareholders. The Mills Corporation, based in Chevy Chase, MD, is a developer, owner and manager of a diversified global portfolio of retail destinations including regional shopping malls, market dominant retail and entertainment centers, and international retail and leisure destinations. write your comments about the article :: © 2006 Construction News :: home page |