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Paramount, Vornado and Other Office Landlords Face Long Road Ahead

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Manhattan’s Paramount Group received an unsolicited takeover bid early last month for about two-thirds of what the company was worth prior to Covid.
Just a few weeks later, the real estate investment trust’s board unanimously rejected the offer from activist investor Bow Street, noting that its offer was “inadequate and significantly undervalues” the office landlord run by Albert Behler.
The hedge fund’s bid, however, was in line with Paramount’s stock price, which plunged at the onset of the pandemic and has hovered at just under $10 a share since. And the REIT, which has a market cap of about $2 billion, may still be on the table for a higher offer. ....

New York , United States , Los Angeles County , Cook County , San Francisco , Jonathan Larsen , Carl Weisbrod , Collier Wallach , Marc Holliday , Lori Lightfoot , Cushman Wakefield , Albert Behler , Jack Mckinney Jr , Los Angeles , Laura Dietzel , Piper Sandler , David Falk , Manus Clancy , Jamie Hodari , Nicole Larusso , Peter Brindley , Anthony Malkin , Franklin Wallach , Avison Young , Alex Goldfarb , Scott Stringer ,

Paramount, Vornado and Other Office Landlords Face Long Road Ahead

Share via Shortlink
Manhattan’s Paramount Group received an unsolicited takeover bid early last month for about two-thirds of what the company was worth prior to Covid.
Just a few weeks later, the real estate investment trust’s board unanimously rejected the offer from activist investor Bow Street, noting that its offer was “inadequate and significantly undervalues” the office landlord run by Albert Behler.
The hedge fund’s bid, however, was in line with Paramount’s stock price, which plunged at the onset of the pandemic and has hovered at just under $10 a share since. And the REIT, which has a market cap of about $2 billion, may still be on the table for a higher offer. ....

New York , United States , Los Angeles County , Cook County , San Francisco , Jonathan Larsen , Carl Weisbrod , Collier Wallach , Marc Holliday , Lori Lightfoot , Cushman Wakefield , Albert Behler , Jack Mckinney Jr , Los Angeles , Laura Dietzel , Piper Sandler , David Falk , Manus Clancy , Jamie Hodari , Nicole Larusso , Peter Brindley , Anthony Malkin , Franklin Wallach , Avison Young , Alex Goldfarb , Scott Stringer ,