By Lisa Kerner
Charlotte, N.C., Feb. 7 - More than 92% of Equity Office Properties Trust common shareholders voted in favor of the merger and merger agreement with affiliates of The Blackstone Group at a special meeting held on Wednesday.
Equity Office expects the merger to be completed by Feb. 9, according to a company news release.
Following completion of the merger, Equity Office's common shareholders will be entitled to receive $55.50 in cash, without interest, for each common share of Equity Office.
Vornado Realty Trust released a statement saying it had terminated its fully financed proposal to acquire Equity Office. The New York City-based real estate investment trust determined that the premium "it would have to pay to top Blackstone's bid, protected by a twice increased breakup fee," would not be in its shareholders' interest.
Equity Office is a Chicago real estate investment trust.
| Acquirer: | The Blackstone Group
|
| Target: | Equity Office Properties Trust
|
| Payment per share: | $55.50
|
| Announcement date: | Feb. 6
|
| Expected closing: | Feb. 9
|
| Stock price for target: | NYSE: EOP; $56.05 on Feb. 6
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