Starwood Capital confirms raising Monmouth Real Estate bid to $1.86 bln

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A picture illustration shows U.S. 100-dollar bank notes taken in Tokyo August 2, 2011. REUTERS/Yuriko Nakao

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July 21 (Reuters) – U.S. investment firm Starwood Capital Group on Wednesday confirmed it sweetened its buyout bid for Monmouth Real Estate Investment Corp (MNR.N) to $1.86 billion.

Starwood raised its bid for Monmouth to $18.88 per share from $18.70 apiece.

Monmouth said last week it had received an unsolicited acquisition proposal from “a large private investment firm”.

Starwood said the total offer can increase to as much as $19.51 per share in case Monmouth does not pay a break-up fee of $62.2 million to Equity Commonwealth (EQC.N) or pays a lower fee. Equity Commonwealth had planned to acquire Monmouth for $1.91 billion in stock.

Monmouth, whose shares are up 2.1% in premarket trade, could not be immediately reached for a comment.

(Corrects paragraph 4 to say “total offer can increase to as much as $19.51 per share” and clarifies break-up fee condition)

Reporting by Shreyasee Raj in Bengaluru; editing by Uttaresh.V

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