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Equity Office Properties Trust , which agreed to be bought by Blackstone Group in November, said on Monday its board agreed to meet with a Vornado Realty Trust investor group that submitted a rival bid last week and give them information.
U.S. stocks closed near the worst levels of the day as weakness in technology stocks trumped positive economic data. Stronger than expected housing data and tame inflation data dampened hopes for a Fed rate cut any time soon.
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.