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Mergers and Acquisitions Basics by Donald DePamphilis

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Chapter 3. Selecting the Form of Payment
In November 2006, real estate investment trust Equity Office Products (EOP) signed a definitive agreement to be acquired by the Blackstone Group, a private equity investor, for $48.50 per share in cash. Publicly traded Vornado Realty countered with a $52.00 per share bid—60 percent in cash and the remainder in Vornado stock. But EOP favored the lower Blackstone offer because the value was more certain. It could take Vornado three or four months to get shareholder approval. What if the value of Vornado's stock declined or shareholders nixed the deal?
In November 2006, real estate investment trust Equity Office Products (EOP) signed a definitive agreement to be acquired by the Blackstone Group, a private equity ...

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