Blackstone Ups Equity Office Bid

The Blackstone Group has raised its offer for Equity Office Properties Trust from $48.50 per share to $54 per share, bringing the overall transaction value to $38.3 billion (including $16 million in assumed debt). The move comes one week after Blackstone was topped by a $52 per share bid from Vornado Realty Trust, Starwood Capital and Walton Street Capital. Even at Blackstone’s original bid price, the deal would be the largest leveraged buyout in history.