Vornado drops bid for Equity Office |
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Wed, 07 Feb 2007 16:16
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CHICAGO (AFX) - Vornado Realty Trust said Wednesday it was withdrawing its $23.2 billion buyout offer for Equity Office Properties Trust, ending a bidding war hours before the real estate company's shareholders were scheduled to vote on a competing offer from the private equity firm Blackstone Group.The Paramus, N.J.-based company said the premium it would have to pay to top Blackstone's latest bid, protected by a twice increased breakup fee, would not be in its shareholders' interest.Blackstone raised its bid for the Chicago-based office landlord to $23 billion on Tuesday.The all-cash deal has the support of Equity Office trustees, even though it was less than the cash-and-stock offer from Vornado.Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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Equity Office to review new Vornado bid 