Please ensure Javascript is enabled for purposes of website accessibility

Vornado Loses Bidding War

Biz BriefsThe fierce tug-of-war over Equity Office Properties Trust, the nation’s largest office landlord ended, last week with Vornado Realty Trust dropping the rope. The Paramus-based real estate investment trust withdrew its $41 billion part-cash, part-stock bid to buy Equity Office on the same day that the Chicago-based REIT approved a $39 billion merger agreement with affiliates of Blackstone, a private equity firm in New York City.

Blackstone had been vying with Vornado since Jan. 17 for ownership of the huge office landlord. But Vornado, which would have had to pay a $720 million breakup fee to buy Equity Office, decided against a counter-bid to top Blackstone’s winning all-cash offer of $55.50 a share. The deal—billed as the largest leveraged buyout ever—is expected to close within days.

NJBIZ Business Events