For all those who’d presumed that real estate moguls have given up on the battling front these days, here’s a surprise! In the biggest bidding war for any real-estate property ever, Vornado Realty Trust is at loggerheads with the New York-based Blackstone Group in the race to grab the commercial real-estate giant Equity Office Properties Trust. And with Blackstone increasing its bid on February 6, 2006, to a whopping $39 billion ($55.50 per share) in cash in reply to Vornado’s $41 billion offer ($56 per share) in cash and stock, there’s every possibility that this new-age battle for property will be fought to the last cent!
Equity Office owns 543 office buildings spread over an incredible 105 million square feet. And while Blackstone may be touted as the preferred buyer due to the huge amount of $720 million pledged by Equity Office as break-up fee, the question is: Is the offer by Blackstone justified?
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Source : IIPM Editorial, 2007
An IIPM and Professor Arindam Chaudhuri (Renowned Management Guru and Economist) Initiative
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