Starwood Capital Bids $1.9B For Stroock-Led Monmouth
By McCord Pagan (July 21, 2021, 9:11 PM EDT) -- Starwood Capital Group said Wednesday that it made an increased $1.92 billion cash offer for the Stroock-led real estate investment trust Monmouth to induce its investors to reject the REIT's May agreement to be acquired by a competing investor.
Starwood Capital is offering $19.51 for each share of the New Jersey-based Monmouth Real Estate Investment Corp., or a net price of $18.88 per share when taking into account Monmouth's prospective $62.2 million breakup fee with Equity Commonwealth, according to a statement.
The offer is an increase from Starwood Capital's July 8 offer for a net $18.70-per-share deal, it said.
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