Starwood Capital Confirms Monmouth Real Estate Rate Hike To $ 1.92 Billion


The illustration shows US $ 100 banknotes made in Tokyo on August 2, 2011. REUTERS / Yuriko Nakao

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July 21 (Reuters) – US-based investment firm Starwood Capital Group confirmed Wednesday that it has softened its bid to buy out Monmouth Real Estate Investment Corp. (MNR.N) up to $ 1.92 billion.

Starwood raised its rate on Monmouth to $ 19.51 a share, representing about 1% upside from the last close.

Monmouth said last week that it received an unsolicited offer from a “large private equity firm” at $ 19.51 a share. Starwood previously offered the company $ 18.70 a piece.

The firm also said the bounty includes a $ 0.63 per share termination fee due to Commonwealth Equity. (EQC.N), which planned to acquire Monmouth for $ 1.91 billion in shares.

Monmouth, which gained 2.1% premarket, was not contacted for comment.

Shreyasi Raj reporting in Bangalore; editing Uttaresh.V

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