By Lisa Kerner
Charlotte, N.C., Feb. 1 - Vornado Realty Trust said it submitted a binding offer to acquire Equity Office Properties Trust for $56.00 per share, plus dividends to the closing.
Each share of Equity Office would convert into $31.00 in cash and Vornado common shares equal to $25.00, with fractional Vornado shares between 0.1852 and 0.2174, according to a company news release,
Vornado plans to sell up to roughly $10 billion of Equity Office assets at closing to Starwood Capital and Walton Street Capital, and to sell an additional $10 billion worth of Equity Office assets within the first year after closing.
With an acquisition offer for Equity Office by a Blackstone affiliate also on the table, there can be no assurance the acquisition will close, the release stated.
Equity Office is a Chicago real estate investment trust.
Vornado is a real estate investment trust based in New York City.
| Acquirer: | Vornado Realty Trust
|
| Target: | Equity Office Properties Trust
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| Payment per share: | $56 per share, cash and Vornado shares
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| Announcement date: | Feb. 1
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| Expected closing: | To be determined
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| Stock price for target: | NYSE: EOP: $55.55 on Jan. 31
|
| Stock price for acquirer: | NYSE: VNO: $122.35 on Jan. 31
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