Competing Offer on Tap for Equity Office?

A competing offer to the Blackstone Real Estate Partners proposal to acquire Equity Office Properties Trust may be emerging, according to published reports from various sources.A Reuters report indicates that Cerberus Capital Management is preparing a bid. Barry Sternlight of Starwood Capital Group has also been mentioned as a possible bidder. The Blackstone buyout for $36 billion values Equity Office stock at $48.50 per share. After the reports surfaced, Equity Office stock was trading over $49 on Jan. 11. Some bondholders had previously indicated resistance to the terms of the Blackstone buyout, contending that the terms of the offer are such that the bondholders "will not receive their full contractual entitlements." Chicago-based Equity Office, the largest real estate investment trust by market capitalization in the United States, can be found online at http://www.equityoffice.com.