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| Blackstone lifts offer for Equity Office  Equity Office Properties Trust said in a statement it has amended its merger agreement with affiliates of The Blackstone Group. Blackstone would acquire all of the outstanding common stock of Equity Office for $54 a share in cash, in a transaction valued at approximately $38.3 billion. The increased purchase price represents an increase of $5.50 a share, or approximately 11.3 percent, over the $48.50 price a share previously provided.The amendment was entered into following receipt by Equity Office of an unsolicited, non-binding proposal letter received from Dove Parent LLC, an entity formed by Vornado Realty Trust, Starwood Capital Group Global, LLC and Walton Street Capital, LLC. The Third Party Group proposes to acquire Equity Office for $52 a share, payable 60% in cash and 40% in Vornado Realty Trust shares. In conjunction with the increased cash purchase price, the termination fee of $200 million payable to Blackstone under certain circumstances has been increased to $500 million. Equity Office's Board of Trustees has unanimously approved the amendment to the merger agreement and continues to recommend the approval of the transaction with Blackstone by Equity Office's common shareholders. The special meeting of shareholders to vote on the merger agreement remains scheduled to be convened on February 5, 2007. Completion of the transaction is currently expected to occur on or about February 8, 2007, subject to the approval of Equity Office's shareholders and the satisfaction or waiver of the other closing conditions. write your comments about the article :: © 2007 Construction News :: home page |