Monmouth Real Estate Investment Corp 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’.
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 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 had planned to acquire Monmouth for $1.91 billion in stock.
Both Starwood Capital and Monmouth declined to comment when contacted by Reuters.
Source: Reuters.com