Blackstone Group emerges victorious

Well, after a lot of drama, the Blackstone Group has won the bidding for Equity Office. The board had decided that the $55.5 a share offer was the superior bid. Vornado was vexed all along by the heavier cash component from Blackstone Group and the time needed to close the deal. The Vornado-led bid would have required the approval of shareholders of Vornado Realty Trust. In the end, it decided not to re-bid, despite efforts by the Equity Office board, which did a solid job. Shareholders of Equity Office apparently had little doubt. More than 90 percent opted for the Blackstone offer. So Stephen Schwarzman has won bragging rights in the industry. The biggest buyout in history. You have to wonder how long this will last. It's sort of like the highest salary on Wall Street title; it's destined to be surpassed, probably soon.

For more:
- here's an update
- Real estate sell off expected. Article
- More private equity news