The real estate market continues to sizzle. The latest high-profile deal is the pursuit of Mills Corp (NYSE: MLS), which is the owner of 38 shopping malls.

Originally, Brookfield (NYSE:BAM)made a bid for $1.35 billion.

However, another group came on the scene: Simon Property (NYSE: SPG) and Farallon Capital Management LLC. Their bid was $1.56 billion. And, according to a press release, Mills has agreed to the deal.

Then again, it certainly helps that Farallon (a hedge fund) is the biggest shareholder in Mills. What's more, Simon is a mega operator of malls (with 280 properties).

In other words, with its scale, Simon can justify a higher price.

And, yes, the bidding may continue. The current stock price for Mills is $26.11, which is well-above the $24 offer it agreed to.

Tom Taulli is the author of various books, including the Complete M&A Handbook and the EDGAR-Online Guide to Decoding Financial Statements.

For anyone that is actually watching the markets next week, here is just about everything happening in a very light four-day week sandwiched between two national holidays.

Monday December 25

• Markets are closed for the Christmas holiday

Tuesday December 26

• Healthcare conference calls: Merrill Lynch 10:00am, Bank of America 10:30am, Bear Stearns 11:00am

Wednesday December 27

• Delta and Pine Land Company (NYSE: DLP) will hold an earnings conference call at 10:00am
• Bear Stearns will hold a retailing-broadlines conference call at 10:00am

Thursday December 28

• Learning Tree International Inc (NASDAQ: LTRE) will hold its earnings conference call
• Newpark Resources, Inc (NYSE: NR) will hold its shareholder meeting at 11:00am
• Hurray! Holding Co., Ltd (NASDAQ: HRAY) to hold a firm-sponsored meeting with Think Equities

Friday December 29

• The Mills Corporation (NYSE: MLS) will hold its shareholder meeting at 10:00am