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Thread: Equity Office Properties

  1. #1

    Default Equity Office Properties

    it looks like Mr Schwarzman of Balckstone will get EOP t his 60th b day this Feb 14th he will turn 60

    EOP REJECTS VORNADO BID




    Bloomberg

    SLIDE
    SCHWARZMAN
    Blackstone boss.




    February 3, 2007 -- Equity Office Properties, the target of the largest real estate takeover, rejected a $41 billion offer from Vornado Realty Trust, saying a $38.3 billion cash bid by Blackstone Group is less risky for shareholders.
    Equity Office said a sale to New York-based Vornado would take months to complete, while a buyout by Blackstone would close within days. Given the time delay, EOP estimated the value of Vornado's $56-a-share cash and stock bid at $54.28 to $54.88. Blackstone's offer is $54 a share.
    "How can a $54 a share offer be better?" asked Dean Frankel, a money manager at Urdang Securities in Plymouth Meeting, Pa., which owns about 1.1 million Vornado shares and almost 2 million Equity Office shares. "It doesn't make sense to me. We're against Blackstone right now."
    Chicago-based Equity Office postponed a vote on the Blackstone bid by two days to Feb. 7 to give shareholders time to review its stance on the Vornado offer, according to a statement.
    The decision by the board of the biggest U.S. office landlord is a setback to Vornado CEO Steven Roth, 65, who first pursued the company as early as July.
    Now Blackstone's Stephen Schwarzman, 59, must win approval of EOP investors to complete the biggest leveraged buyout ever and gain 543 buildings coast-to-coast.
    One challenge to Blackstone may be that it's asking shareholders to accept less than the current stock price.
    EOP shares have closed above the buyout's firm's offer price for three consecutive days. EOP shares rose 23 cents to $55.38 at 4 p.m. in New York Stock Exchange composite trading.

  2. #2

    Default

    the deal is done a happy 60th to Mr Schwartzman

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