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’CDS report: DaimlerChrysler up on stake sale
DaimlerChrysler saw a fall in the cost of protecting its debt against default on Friday after the German carmaker confirmed it had raised €1.5bn by placing part of its stake in European aerospace group EADS while retaining its voting rights.
Blackstone wins EOP in $39bn buy-out
The determination of private equity groups to own ever greater swathes of the global economy was highlighted on Wednesday as Blackstone emerged with a winning $38.9bn bid in the takeover battle for Equity Office Properties.
Blackstone raises EOP offer to $38.9bn
Blackstone on Tuesday raised its all-cash offer for Equity Office Properties to $55.50 per share, or $38.9bn, showing its determination to secure control of Sam Zell’s commercial property empire but raising questions about its discipline.
Blackstone raises the stakes in battle for Equity Office
Blackstone has raised its takeover bid for Equity Office Properties Trust to $55.50 per share from $54, the US office landlord said in a statement on Monday, a deal that would be worth $39bn.
This latest volley in the increasingly heated battle for EOP comes after rival bidder Vornado Realty Trust sweetened its own offer.
Vornado in fresh bid to win over EOP
Vornado Realty Trust on Sunday night offered to pay the cash portion of its $39.1bn bid for Equity Office Properties upfront, in a fresh attempt to win over investors and board members in the take-over battle for the commercial property group.
Equity Office prefers Blackstone
The saga continues. Equity Office Properties’ board reaffirmed its support for the $54 per share takeover offer from buyout group Blackstone, shunning Vornado Realty’s $56 per share cash-and-stock offer.
Vornado offers $39.1bn for EOP
Vornado Realty Trust launched a bold $39.1bn offer to buy Equity Office Properties, which, if successful, would thwart an existing $38.3bn deal for EOP to be bought by Blackstone, in the largest leveraged buy-out on record.
Blackstone says it will not be drawn higher for EOP
Well, on the face of things, that appears to be that. Buyout group Blackstone issued a terse statement to Reuters saying it would not be raising its offer for Equity Office Properties, the real estate investment trust that has been subject to a three month bid battle.
The backroom bond pressure at EOP
It almost makes the world of real estate investment trust-related bonds sound glamorous. Bloomberg on Thursday detailed the manoeuvrings of a group of REIT debt investors who have forced particularly sweet terms out of buyout group Blackstone in the fiercely contested Equity Office Properties bid battle.
Vornado to raise EOP bid
An investor group led by Vornado Realty Trust is expected to raise its bid for Equity Office Properties, topping Blackstone’s $38.3bn bid in one of the biggest buyout fights in history, reports the Wall Street Journal.
Blackstone raises EOP offer to $38bn
The battle for control of Equity Office Properties intensified as Blackstone, the US private equity group, raised its record buy-out offer for Sam Zell’s commercial property empire by nearly $2bn to more than $38bn,
Blackstone sweetens its Equity offer, but the deal is not quite done
Equity Office Properties, fielding offers from two suitors promising to make it the biggest buyout target in history, gave a formal nod of acceptance on Wednesday to a raised offer from Blackstone.
EOP opens books to Vornado-led consortium
Equity Office Properties agreed to give a consortium of investors led by Vornado Realty nine days of access to its books, paving the way for a formal counterbid to be tabled for Sam Zell’s commercial real estate empire.
An outbreak of competition in the cozy world of PE
Private equity firms are flush with cash, so the competition for deals has turned cutthroat, says the New York Times’ DealBook.
“The upstart bid for Equity Office Properties, the real estate investment trust that was founded by Samuel Zell,
Vornado in $39bn counterbid for EOP
A trio of investors led by Vornado Realty Trust has launched a $39bn cash and stock bid for Equity Office Properties, Sam Zell’s commercial real estate empire. The move could spark a bidding war with private equity group Blackstone,
Cerberus leaves EOP bid consortium
Prospects for a record counterbid to the Blackstone Group’s agreed $36bn deal to take over Equity Office Properties appeared to dim as Cerberus Capital Management dropped out of the group considering an offer. But sources close to the matter said a counterbid for Sam Zell’s commercial real estate empire could still materialize with a consortium including Vornado Realty Trust,
Cerberus continues to study possible $36bn-plus EOP bid
A group of property investors assembled by Cerberus yesterday continued to examine a potential offer for Equity Office Properties, amid growing expectations of a bidding war with Blackstone. Many details of the discussions remained unclear,
Cerberus considering $36bn-plus counterbid for EOP
Cerberus Capital Management, the US private equity firm, is considering a counterbid worth more than $36bn including debt for Equity Office Properties, Sam Zell’s Chicago-based commercial real estate empire,