Equity still supporting Blackstone offer |
|
|
|
Published
:
Fri, 02 Feb 2007 13:33
|
CHICAGO (AFX) - Office-building owner and manager Equity Office Properties Trust said Friday its board is maintaining support for a $22.3 billion buyout offer from private-equity firm Blackstone Group.Blackstone's $54-per-share bid is lower than Vornado Realty Trust's $56-per-share cash and stock offer, but is an all-cash proposal.While Blackstone's offer could close around Feb. 9, Equity Office said its board was advised that Vornado's bid would likely take about four to six months to close due to a required Vornado shareholder vote and a possible review by the Securities & Exchange Commission. The board added that Vornado's offer has a net present value between $54.28 and $54.88 per share due to the time delay.Equity said the higher value of the Vornado offer does not compensate for the increased risk involved with the deal when compared with the Blackstone proposal.Equity Office's shareholders are set to vote on the Blackstone proposal during a special meeting Monday, but it is expected the meeting will be immediately adjourned without a vote until Wednesday, to give shareholders more time to review the supplemental proxy materials.Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
|
|
|
|
|
|
|
| Stock
Quotes * |
|
NASDAQ
|
|
2792.28 |
22.57 (
0.81 %)
|
| SYMBOL (
2012-01-19 ) |
| LAST |
CHANGE
|
|
CARNIVAL
(
11:35am )
|
|
2017.00 |
46.00 (
2.42 %)
|
|
WHITBREAD
(
11:35am )
|
|
1662.99 |
33.99 (
2.09 %)
|
| SYMBOL (
2012-01-19 )
|
| LAST |
CHANGE
|
|
IBM
(
12:34pm ) |
|
181.50 |
0.43 (
0.24 %)
|
| SYMBOL (
2012-01-19 )
|
| LAST |
CHANGE
|
|
|
Print this Story
Equity Office supporting Blackstone bid 