Empire State Building Owners Reject Sky-High Bids For IPO

Law360, New York (September 9, 2013, 3:23 PM EDT) -- The owners of the Empire State Building have rejected all of the $2 billion-plus bids for the iconic building in favor of continuing with their original plan to roll it up into a real estate investment trust, according to a regulatory document filed Friday.

In the filing, Malkin Holdings LLC put forth a preliminary prospectus for an initial public offering of Class A common stock of the Empire State Realty Trust, effectively announcing that the bidding war for its prime asset, which had garnered offers of...
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