Starwood Capital confirms raising Monmouth Real Estate bid to $1.86 bln

0
36

Article content

U.S. investment firm Starwood Capital Group on Wednesday confirmed it sweetened its buyout bid for Monmouth Real Estate Investment Corp to $1.86 billion.

Starwood raised its bid for Monmouth to $18.88 per share from $18.70 apiece.

Monmouth said last week it had received an unsolicited acquisition proposal from “a large private investment firm.”

Starwood said the total offer is for $19.51 per share, including a termination fee of $0.63 per share owed to Equity Commonwealth, which had planned to acquire Monmouth for $1.91 billion in stock.

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)