{"id":1004549327,"date":"2021-08-31T12:46:29","date_gmt":"2021-08-31T20:46:29","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004549327"},"modified":"2021-09-01T04:51:56","modified_gmt":"2021-09-01T12:51:56","slug":"monmouth-shareholders-say-no-to-3-4b-merger-with-eqc","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/monmouth-shareholders-say-no-to-3-4b-merger-with-eqc\/","title":{"rendered":"Monmouth Shareholders Say No to $3.4B Merger With EQC"},"content":{"rendered":"\n<p>The proposed acquisition of Monmouth Real Estate Investment Corp. is off, at least for now. Monmouth said Tuesday that its shareholders had declined to approve Equity Commonwealth&#8217;s $3.4 billion offer to buy the industrial REIT.<\/p>\n\n\n\n<p>First announced in May, the scuttled merger plan would have resulted in new ownership for one of the oldest equity REITs, which has a 25 million-square-foot, 32-state portfolio comprising 122 properties.<\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"alignright size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004549334\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/monmouth-shareholders-say-no-to-3-4b-merger-with-eqc\/photo-by-amhad-ardity-on-pixabay_1200x675\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/08\/Photo-by-Amhad-Ardity-on-Pixabay_1200x675-e1630490744677.jpg\" data-orig-size=\"900,675\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;4&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;Canon EOS-1D X&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;400&quot;,&quot;iso&quot;:&quot;1600&quot;,&quot;shutter_speed&quot;:&quot;0.0125&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"Photo by Amhad Ardity on Pixabay\" data-image-description=\"&lt;p&gt;Computer screen with digital number display&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;Photo by Amhad Ardity on Pixabay&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/08\/Photo-by-Amhad-Ardity-on-Pixabay_1200x675-e1630490744677.jpg?w=900\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/08\/Photo-by-Amhad-Ardity-on-Pixabay_1200x675.jpg?w=696\" alt=\"\" class=\"wp-image-1004549334\" width=\"351\" height=\"187\"\/><figcaption>Image by Amhad Ardity via Pixabay<\/figcaption><\/figure><\/div>\n\n\n\n<p>Led by Sam Zell, Equity Commonwealth originally offered an all-stock deal, <a href=\"https:\/\/www.commercialsearch.com\/news\/equity-commonwealth-sweetens-offer-for-monmouth-merger-a-bit\/\">revamped last month <\/a>to include a combination of cash and stock valued at $19 per share. After the modified offer, the total consideration remained at $3.4 billion, including the assumption of $857 million in mortgage debt, plus the $550 million repayment of Monmouth preferred stock, line of credit and term loan.<\/p>\n\n\n\n<p>In a statement, Monmouth President &amp; CEO Michael Landy expressed disappointment in the outcome of the vote. The company said that it was open to \u201call available options\u201d to maximize shareholder value.<\/p>\n\n\n\n<p>Monmouth has been the object of multiple suitors in the past year. Starwood Capital Group <a href=\"https:\/\/www.commercialsearch.com\/news\/monmouth-gets-counteroffer-to-eqc-acquisition\/\">joined the competition<\/a> with an unsolicited offer of $19.51 per share submitted on July 15. Monmouth\u2019s board declined Starwood\u2019s offer and recommended that shareholders approve the Equity Commonwealth bid.<\/p>\n\n\n\n<p>That followed a $3.8 billion offer last December by Blackwells Capital, an alternative investment manager and major Monmouth stockholder. The Monmouth board also turned down that proposal.<\/p>\n\n\n\n<p><em>Stay tuned t<\/em>o <em>CPE for updates on this developing story.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Multiple suitors have pursued the industrial REIT this year.<\/p>\n","protected":false},"author":445,"featured_media":1004549334,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21748,21783,23891,21742],"tags":[36999,34865,33340,34880],"class_list":["post-1004549327","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-industrial","category-investment","category-national","category-latest","tag-equity-commonwealth","tag-michael-landy","tag-monmouth-real-estate-investment-corporation","tag-starwood-capital-group"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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