The Dow Jones Industrial Average closed fractionally higher, helped by strength in Wal-Mart and Boeing, but the broader market failed to gain traction.
Vornado Realty Trust moved on Sunday to make its $23.2 billion bid for top U.S. office landlord Equity Office Properties Trust more attractive by offering to pay the cash portion up front.
Equity Office Properties Trust said its board of trustees voted to reaffirm support for a $54 per share takeover offer from private equity firm The Blackstone Group, despite a higher competing bid from Vornado Realty Trust.
Vornado Realty Trust raised its takeover offer for Equity Office Properties Trust to $56 per share, or $23.24 billion, above a rival bid of $54 per share from private equity firm Blackstone Group.
The Super Bowl isn't the only big-money competition people are betting on this week: second-guessers are trying to call the shots before Monday, when Equity Office Properties shareholders will vote whether to accept takeover offers from Vornado or rival bidder Blackstone Group. CNBC's David Faber deconstructed Vornado's sweetened offer....
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.
A group led by Vornado Realty Trust is expected to raise its takeover offer for Equity Office Properties Trust, topping the $22.4 billion offer from Blackstone Group , sources familiar with the situation said on Wednesday.
Equity Office Properties, the subject of a buyout by a private equity firm, posted higher funds from operations, a key measure of operating performance of real estate investment trusts, on strength in the U.S. office market.
Equity Office Properties Trust said independent proxy advisory firm Institutional Shareholder Services Inc has recommended its shareholders approve Blackstone Group's raised merger offer made last Thursday.
Private-equity firm Blackstone Group raised its bid for Equity Office Properties Trust by 11.3%, to $54 a share, hoping to deliver a knockout blow to a rival bid led by Vornado Realty Trust , CNBC's David Faber reported.
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.