Mills Saga Heats Up

A number of interesting developments emerged in the Mills(MLS Quote) saga last week.

While merger talk continued to swirl around fellow real estate investment trust Vornado(VNO Quote), a hedge fund with ties to the commercial real estate industry disclosed that it had purchased a 6.4% stake in Mills, citing a compelling valuation.

Mills, which owns a large portfolio of retail malls and outlet centers, is currently restating its financials and looking at a possible sale of the company or some of its assets. The REIT's stock has fallen 40% below its 52-week high of $66.44 set last August. ...