Countering Blackstone's proposal to acquire Equity Office Properties Trust, Chicago, at $48.50 per share (and the assumption of debt), a group that includes Vornado Realty has made an offer that values Equity Office shares at $52 per share.Vornado, a Paramus, N.J.-based office real estate investment trust, has formed a partnership with Starwood Capital and Walton Street. Vornado said in a release that the $52 would be payable 60% in cash and 40% in Vornado shares. After the deal closes, Vornado said it intends to retain about half of Equity Office's assets in major markets on the East and West Coasts. The other two partners would acquire the rest of Equity Office's assets. Equity Office, the largest REIT by market capitalization, said it will consider the proposal but that its board of trustees has not changed its previous recommendation on the Blackstone buyout for $36 billion. Equity Office's shareholders are slated to meet Feb. 5 to vote on the Blackstone acquisition. The REIT can be found online at http://www.equityoffice.com.
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A federal judge in Texas dismissed the Consumer Financial Protection Bureau's medical debt rule and prohibited states from passing their own laws prohibiting medical debt on credit reports.
6h ago -
Dr. Mark Calabria takes on the additional role of chief statistician of the United States; retired Ally Bank executive Diane Morais has joined First Citizens Bancshares' board of directors; MainStreet Bank has promoted Alex Vari to chief financial officer; and more in this week's banking news roundup.
9h ago -
While refinances are behind the latest increases, the pace of purchase activity may be a stronger indicator of where the housing market sits.
11h ago -
The share of economists expecting a September rate reduction grew in the July Wolters Kluwer survey, but the October or later percentage also increased.
11h ago -
Rising home prices and softening sales offer a mixed view of a market that some say is shifting to favor buyers.
July 11 -
The notes are backed by home improvement installment loans originated by approved dealers in Foundation Finance Company's network.
July 11