By Lisa Kerner
Charlotte, N.C., Jan. 17 - Vornado Realty Trust, along with real estate investment companies Starwood Capital Group and Walton Street Capital LLC, propose to acquire Equity Office Properties Trust for $52 per share, payable 60% in cash and 40% in Vornado shares, according to a Form 8-K filing with the Securities and Exchange Commission.
Equity Office unit holders also will have the option to exchange their units for units of Vornado Realty LP.
Vornado, a New York-based real estate investment trust, expects to fund its share of the acquisition in part by issuing $10.6 billion worth of shares and with debt, after which it would acquire half of Equity Office's assets.
Since a previously announced acquisition of Equity Office by a Blackstone affiliate remains on the table, there can be no assurance the acquisition will close, according to the filing.
Equity Office is a Chicago real estate investment trust.
| Acquirer: | Vornado Realty Trust
|
| Target: | Equity Office Properties Trust
|
| Payment per share: | $52 per share, 40% in Vornado shares
|
| Announcement date: | Jan. 17
|
| Expected closing: | To be determined
|
| Stock price for target: | NYSE: EOP: $49.85 on Jan. 16
|
| Stock price for acquirer: | NYSE: VNO: $125.93 on Jan. 16
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
