Saturday, February 3, 2007
In what is expected to be the largest LBO to date, Equity Office Properties Trust announced it is postponing next week's shareholder vote on the Blackstone deal for two days, giving Vornado a chance to increase its $46 billion offer. Vornado's is valued higher than Blackstone's, but contains a stock component, while Blackstone's is all-cash. See NYTimes, Vornado Under Pressure to Sweeten Its Bid for Office Landlord. for the Washington Post's take on the situation, see Equity Endorses Blackstone Bid.