Monarch Alternative Bids $12-Per-Share for Paramount Group

Investment firm Monarch Alternative Capital has offered to acquire real estate manager Paramount Group Inc. for $12 per share.

The non-binding offer values Paramount at about $2.6 billion, or a roughly 29% premium to where shares in the company closed on Thursday. Advisory clients of Monarch own about 5.5% of Paramount, according to a letter reviewed by Bloomberg News, making it the company’s sixth largest shareholder, according to data compiled by Bloomberg.