Monmouth Real Estate gets rival bid from Starwood - Bloomberg News (updated)

Equity Commonwealth

13/07/2021 03:07

(Adds Monmouth's response)
    July 12 (Reuters) - Monmouth Real Estate Investment Corp
 MNR.N  received an unsolicited takeover bid from U.S.
investment firm Starwood Capital Group, Bloomberg News reported
on Monday, citing people familiar with the matter.
    The report came in shortly after the U.S. real-estate
investment trust said it had received an unsolicited acquisition
proposal from 'a large private investment firm'.  urn:newsml:reuters.com:*:nFWN2OO14R
    Starwood is the rival bidder and was part of the strategic
review process earlier this year that resulted in the deal for
Monmouth to sell itself to Equity Commonwealth, Bloomberg report
https://bloom.bg/3e8tg4I said.
    "The investment firm is proposing to acquire 100% of
outstanding equity of the company for net cash consideration of
about $18.70 per share of company's stock," Monmouth said,
adding the board is evaluating the new unsolicited proposal.
    The deal values Monmouth at around $1.84 billion, according
to Reuters calculation based on Refinitiv Eikon data. In May,
rival Equity Commonwealth  EQC.N  had planned to acquire
Monmouth for $1.91 billion in stock.  urn:newsml:reuters.com:*:nL4N2MS0OO
    Both Starwood Capital and Monmouth declined to comment when
contacted by Reuters.
    

 (Reporting by Anirudh Saligrama, Ann Maria Shibu and Juby Babu
in Bengaluru, Editing by Sherry Jacob-Phillips and Arun Koyyur)
 ((Anirudh.Saligrama@thomsonreuters.com;))