(Bloomberg) – Monmouth Real Estate Investment Corp. received an increased unsolicited takeover bid of $ 18.88 per share, up from $ 18.70 previously, from an unidentified private equity firm.
The increase is due to the investment firm’s decision that the purchase price will no longer be reduced by the $ 0.18 per share dividend announced by Monmouth earlier this month, the company said in a statement.
The cash award continues to reflect the stated purchase price of $ 19.51 per share, net of a $ 62.2 million commission if the Equity Commonwealth deal is terminated, according to the announcement. The quoted purchase price represents a 1.5% premium over Monmouth’s closing price of $ 19.23.
Bloomberg News previously reported that the challenger was Barry Sternlicht’s Starwood Capital Group, which competes with a previous merger agreement between Monmouth and Sam Zell’s Equity Commonwealth, which valued the investment fund at $ 3.4 billion, including debt. Monmouth said its board is evaluating the revised proposal.
Starwood is said to compete with Monmouth real estate
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