Wednesday's Winners & Losers: Mills

Shares of Mills (MLS Quote) were among the NYSE's winners Wednesday, surging 18% after the mall owner agreed to be acquired by Brookfield Asset Management(BAM Quote).

Brookfield will pay $21 a share for Mills, representing an 18% premium over its closing price of $17.77 Tuesday. The purchase price is equal to $1.35 billion; including the assumption of debt, the transaction is valued at $7.5 billion. The deal ends a nearly yearlong search by Mills for a buyer. Shares were trading up $3.24 to $21.01.

Shares of Total Systems Services(TSS Quote) rose 10% after the merchant-services company's fourth-quarter results topped forecasts. The company earned $87.1 million, or 44 cents a share, on revenue of $503.9 million. Analysts polled by Thomson First Call expected earnings of 26 cents a share and revenue of $439.5 million. During the year-earlier quarter, the company earned $49.7 million, or 25 cents a share, on revenue of $420.7 million.

For 2007, Total Systems now expects adjusted earnings to rise between 14% and 17%, up from an earlier forecast of 8% to 10% growth. Shares were adding $2.88 to $29.99.

Progressive(PGR Quote) rose 1% after the auto insurer's fourth-quarter earnings beat expectations. The company earned $400.9 million, or 53 cents a share, up from $281.6 million, or 35 cents a share, a year earlier. Analysts expected earnings of 50 cents a share. Net premiums earned, meanwhile, came in at $3.51 billion, slightly higher than $3.48 billion a year earlier. Net premiums written slipped to $3.19 billion from $3.25 billion a year earlier. Shares were up 21 cents to $23.59.