Starwood Capital confirms raising Monmouth Real Estate bid to $1.92 bln (updated)

Equity Commonwealth

21/07/2021 13:50

(Adds details on deal, background)
    July 21 (Reuters) - U.S. investment firm Starwood Capital
Group on Wednesday confirmed it sweetened its buyout bid for
Monmouth Real Estate Investment Corp  MNR.N  to $1.92 billion. 
    Starwood raised its bid for Monmouth to $19.51 per share,
representing an upside of about 1% to the stock's last close.
    Monmouth said last week it had received an unsolicited
acquisition proposal from "a large private investment firm" for
$19.51 per share. Starwood had previously offered the company
$18.70 apiece.  urn:newsml:reuters.com:*:nGNX5wGjls  urn:newsml:reuters.com:*:nL4N2OP0FZ 
    The firm also said the consideration included a termination
fee of $0.63 per share owed to Equity Commonwealth  EQC.N ,
which had planned to acquire Monmouth for $1.91 billion in
stock.  urn:newsml:reuters.com:*:nL4N2MS0OO    
    Monmouth, whose shares are up 2.1% in premarket trade, could
not be immediately reached for a comment.

 (Reporting by Shreyasee Raj in Bengaluru; editing by
Uttaresh.V)
 ((Shreyasee.Raj@thomsonreuters.com;))