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Bluhm's bid: scramble to top $36 bil. Big obstacles to late run at Zell's Equity Office.(Neil Bluhm, Sam Zell)(buyout agreement between Equity Office Properties Trust and Blackstone Group.)
Crain's Chicago Business, January, 2007 by Corfman, Thomas A.
Byline: THOMAS A. CORFMAN Neil Bluhm's possible run at Sam Zell's Equity Office Properties Trust would bring together two billionaire Chicago real estate financiers who have rarely tangled on a deal. Nonetheless, "they know each other very well,'' says Chicago real estate investor Marshall Bennett, a longtime friend of both.
But understanding how that familiarity might influence a deal would "take a Ph.D. in psychology,'' he says. The question may go unanswered unless Mr. Bluhm and his potential partner, Barry Sternlicht, come up with enough money in the next three weeks to top the $36-billion buyout agreement between Equity Office and New York investment bank Blackstone Group. Blackstone's price of $48.50 a share has been criticized as too low by some...
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