One of the most talked-about deals in recent history — Blackstone Group’s $20 billion buyout of Equity Office Properties — may still be in flux. Just three week’s away from closing, this morning’s Wall Street Journal said that there may be other bidders ready to cause an upset.
A competing offer, according to the Journal, may come from an investment team headed up by Barry Sternlicht of Starwood Capital Group LLC and Neil Bluhm of Walton Street Capital. However, higher bids would not necessarily put Blackstone out of the running because the firm has matching rights that would allow it to match an potential price by a rival.
Successful bidders will have to top Blackstone’s offer of $49.50 per share and cover a termination fee with the behemoth of $200 million.
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