According to news reports, the Equity Office Property Trust board of trustees, besieged by two suitors flush with billions of dollars in takeover money, has met again and says it prefers the lower Blackstone offer of $54 per share, or about $38.3 billion. Vornado Realty Trust has offered $56 per share for the company, but the EOP board agreed that Blackstone’s cash offer is better than Vornado’s $31 cash, $25 in stock per share offer.
Wouldn't it be something to have companies in bidding war for your properties? EOP has been a smart player over the years, growing to become the world's largest office landlord. As I mentioned in my last post, this story is instructive. And the final chapter isn't yet written.