Equity Office supports Blackstone bid |
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Published
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Fri, 02 Feb 2007 13:39
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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 Blackstone Group despite a higher offer from a competing bidder.The $54 per share bid from Blackstone Group, a private equity firm, 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 estimated that Vornado's offer has a net present value between $54.28 and $54.88 per share due to the time delay.Equity Office 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 to vote on the Blackstone proposal during a special meeting Monday, but it is expected the meeting will be 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 This material may not be published, broadcast, rewritten, or redistributed.
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Equity Office supporting Blackstone bid 