Some of the names on the move ahead of the open.» Read More
The Vornado group's unsolicited offer, which hinges on several conditions, is valued at $52 a share in cash and Vornado stock, the bidding group said. That compares with Blackstone's all-cash deal valued at $48.50 per share.
U.S. stocks closed lower after oil prices staged a late rally, while weakness in technology dragged down the Nasdaq.
Vornado Realty Trust and two real estate partners offered $52 a share for Equity Office Properties Trust, which has already agreed to be acquired by Blackstone Group for $48.50 a share in cash.
A potential counter-bid to buy real estate firm Equity Office Properties Trust remains in limbo as one deep-pocketed investor dropped out of the bidding and financing had yet to be secured, sources familiar with the situation say.
Speculation heated up about whether a bidding war was in the works for Equity Office Properties Trust, which agreed in November to be acquired by Blackstone Group for $48.50 a share in cash.