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Blackstone ups Equity Office offer to $21.15 billion, or $54 per share, topping Vornado

Blackstone ups Equity Office offer to $21.15 billion, or $54 per share, topping Vornado

Office-building owner and manager Equity Office Properties Trust said Thursday private-equity giant Blackstone Group raised its takeover bid to $21.15 billion (euro16.3 billion) or $54 (euro41.61) per share in cash, topping a $20.37 billion (euro15.7 billion) competitive bid from Vornado Realty Trust.
In a sign that investors may be betting that the bidding war for Equity Office will continue, shares of the company rose 3.6 percent to $54.60 (euro42.07) in the premarket session, above Blackstone's new offer.
Blackstone Group agreed in November to buy Equity Office in a deal valued at $19 billion (euro14.64 billion), or $48.50 (euro37.37) per share, but earlier this month Vornado Realty Trust joined Starwood Capital and Walton Street to submit a competitive bid of $52 (euro40.07) per share, or $20.37 billion (euro15.7 billion) in cash and stock.
The termination fee on the deal was increased to $500 million (euro385.27 million) under certain circumstances, up from $200 million (euro154.11 million) previously. The termination fee does not preclude a revised bid from Vornado.


Updated : 2021-02-26 20:20 GMT+08:00