Equity Office Properties Trust approved a new $38.3 billion purchase offer by The Blackstone Group. The board of trustees will recommend Blackstone's offer to shareholders at its Feb. 5 meeting, said Terry Holt, EOP spokeswoman. Blackstone's new all-cash offer is higher than the $38 billion Dove Parent offer made Jan. 17. Blackstone's $54-per-share offer for the real estate investment trust also includes an increased termination fee of $500 million, up from $200 million.
The offer by Dove Parent, a consortium of Vornado Realty Trust, Starwood Capital Group Global and Walton Street Capital, would be payable in cash and Vornado shares. The consortium is "continuing to conduct its due diligence and will respond at the appropriate time," said Wendi Kopsick, spokeswoman for Vornado.