Vornado to Raise Equity Office Bid: WSJ
An investor group led by Vornado Realty Trust is expected to raise its bid for Equity Office Properties Trust, topping rival bidder Blackstone Group's offer, the Wall Street Journal reports.
Vornado had a deadline Wednesday to complete its fact-finding or "due diligence" on whether to top Blackstone's most recent offer of $54 a share. If Vornado makes such a bid, Blackstone could either go higher or fold, telling investors that the price was too high and walk away with its consolation prize, a $500 million fee.
Equity Office is a real-estate investment trust founded by the Chicago real-estate magnate Samuel Zell.