Securities Law Prof Blog

Editor: Eric C. Chaffee
Univ. of Toledo College of Law

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Thursday, February 8, 2007

EOP Shareholders Approve Blackstone Bid

Yesterday Equity Office Property Trust shareholders approved Blackstone's $39 billion bid in the largest LBO to date, after rival bidder Vornado walked away.  The NY Times says the deal "encapsulates two of the hottest trends in deal-making: the wave of capital flooding into commercial real estate and the growing power of private money."  Its story focuses on the three key players:  Sam Zell (EOP), Steve Roth (Vornado) and Steve Schwarzman (Blackstone).  See NY Times, Takeover Battle Ends With Sale of Big Landlord.  The WSJ has two stories on the LBO -- Blackstone Deal May Jolt Market for Office Space focuses on ramifications in the real estate market, and How Blackstone Won a Prize reiterates the theme of this LBO's coverage -- the power of private equity firms.

http://lawprofessors.typepad.com/securities/2007/02/eop_shareholder_2.html

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