Sign In
Free Newsletter
Vornado Loses Bidding War
Jessica Perry//February 12, 2007
Biz BriefsThe fierce tug-of-war over Equity Office Properties Trust, the nationÂs 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 BlackstoneÂs winning all-cash offer of $55.50 a share. The dealÂbilled as the largest leveraged buyout everÂis expected to close within days.
