Deals
Starwood Capital Makes Rival Bid for Monmouth Real Estate
- Monmouth disclosed it had received competing bid to Zell’s
- REIT’s board reviewing new, unsolicited $18.70-a-share offer
Barry Sternlicht
Photographer: John Lamparski/Getty Images
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Monmouth Real Estate Investment Corp. received an unsolicited takeover bid from Starwood Capital Group that could upend the company’s plans to be acquired by Sam Zell’s Equity Commonwealth, according to people familiar with the matter.
Monmouth, a real estate investment trust that focuses on industrial property, said in a statement Monday it had received an all-cash takeover offer from a “large private investment firm” for $18.70 a share. It didn’t identify the buyer.