Troubled mall developer Mills Corp. (MLS Quote) confirmed Thursday that is has hired advisers to explore a sale of all of part of the company. The real estate investment trust also announced plans for more layoffs and withdrew its 2005 earnings guidance.
Mills said it hired Goldman Sachs and JP Morgan to assist in the exploration of "strategic alternatives," which may also include a recapitalization. The move comes as shares have been bid up in recent weeks amid heightened chatter about a possible sale.
The M&A buzz has been brewing since January, when Mills announced that it would restate its financial results from 2000 to 2004. Pension funds, along with REITs like Vornado (VNO Quote), Simon Property (SPG Quote), and Macerich (MAC Quote), have been rumored to be interested parties. ...
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