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Blackstone Bids for Archstone-Smith: WSJ
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The Blackstone Group had also bid for U.S. apartment owner Archstone-Smith Trust in the weeks before Archstone agreed to acquired by affiliates of Lehman Brothers Holdings and Tishman Speyer for more than $15 billion, The Wall Street Journal Online reported on Thursday.
Archstone revealed in a regulatory filing on Thursday that another bidder had offered $62.50 per share for the company on April 30, a few days before Lehman and Tishman Speyer offered $64 per share for the company.
That earlier bidder was Blackstone, the Journal said, citing people familiar with the matter.
By the time their deal was announced on May 29, Lehman and Tishman had dropped their price to $60.75 per share.
The falling price underscores growing concern in the commercial real-estate world that higher interest rates are killing deals or causing prices to be renegotiated lower, according to the Journal.
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