Monmouth Real Estate Receives Takeover Offer from Starwood


July 12 (Reuters) – Monmouth Real Estate Investment Corp has received an unsolicited takeover bid from US-based investment firm Starwood Capital Group, Bloomberg News reported, citing people familiar with the matter.

The report came shortly after a US real estate investment fund said in a statement that it had received an unsolicited offer to acquire from a “large private equity firm,” although the company was not named.

“The investment firm is offering to acquire 100% of the company’s outstanding capital for a net cash consideration of approximately $ 18.70 per company share,” Monmouth said, adding that the board is considering a new unsolicited offer.

According to Reuters calculations based on data from Refinitiv Eikon, the deal values ​​Monmouth at about $ 1.84 billion.

As reported by Bloomberg News, Starwood is a competing bidder and was part of an initial strategic review process earlier this year that resulted in Monmouth in a deal to sell itself to Equity Commonwealth.

Starwood Capital declined to comment.

Monmouth had a market cap of $ 1.86 billion as of Monday, according to Refinitiv Eikon.

In May, rival Equity Commonwealth planned to acquire Monmouth for $ 1.91 billion per share.

(Reporting by Anirud Saligram and Anne Maria Shibu in Bangalore, editing by Sherri Jacob-Phillips)

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