Private equity firm Blackstone Group has raised its offer buy Sam Zell’s Equity Office Properties (EOP), topping a rival bid from Vornado Realty Trust as it pursues what was already the world’s largest property company buyout.
Last Thursday Blackstone upped its offer to buy the US’s biggest office landlord by 11% to $22.3bn (£11.3bn), or $54 (£27.5) a share, in cash, topping Vornado’s preliminary offer of $52 (£26.5) a share, made up of 60% in cash and 40% in stock.
Including debt, Blackstone’s offer is worth around $38bn (£19.3bn).
Vornado is widely expected to increase its preliminary offer to around $57 (£29) a share.
