Thursday, February 8, 2007
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.