Like the decisive hand of hold 'em at the final table at the World Series of Poker, the bidding war between Blackstone and Vornado Realty Trust over Equity Office Properties finally came to an end with one side laying down its cards. After months of bidding and outbidding, bluffing, and a bit of 'trash talking' thrown in for good measure, Blackstone successfully acquired Equity Office, the U.S.' largest holder of office properties for $39 billion, or $55.50 a share as 92% of EOP's shareholders voted yesterday to approve Blackstone's all cash offer. The deal is expected to close on February 9. Vornado withdrew its offer just before the vote yesterday, after concluding that "the premium it would have to pay to top Blackstone's latest bid, protected by a twice-increased breakup fee, would not be in its shareholders' interest."
Sources: Wall Street Journal, Bloomberg, MarketWatch,
Commentary: Blackstone Ups Its Bid For Equity Office In Final Attempt To Freeze Vornado Out, Vornado, Blackstone Continue To Duke It Out In EOP Bidding War, Equity Office Properties: Sam Zell's Genius
Stocks/ETFs to watch: Equity Office Properties Trust (EOP), Vornado Realty Trust (NYSE:VNO). Competitors: Boston Properties Inc. (NYSE:BXP), Mack-Cali Realty Corp. (NYSE:CLI). ETFs: iShares Cohen & Steers Realty Majors (NYSEARCA:ICF), Vanguard REIT Index ETF (NYSEARCA:VNQ), WisdomTree Dividend Top 100 (NYSEARCA:DTN), streetTRACKS DJ Wilshire REIT (NYSEARCA:RWR)
Seeking Alpha's news summaries are combined into a pre-market briefing called Wall Street Breakfast. Get Wall Street Breakfast by email -- it's free and takes only a few seconds to sign up.