And so it has come to pass, as we all expected. The Vornado-led consortium has submitted another offer--$56 a share--that appears to have bested the Blackstone Group. Many were expecting $57 a share. The market seems to be anticipating another round, but that depends on Blackstone. Either way, the winners will win the "largest ever" title. Shareholders of the target, Equity Office (a REIT), will vote on the Blackstone proposal (about $54 a share) on Feb. 5. In some ways, the Blackstone Group can't lose. If it walks away now, it would be in line to receive a $500 million break up fee. That's not a bad consolation. It's got to be one of the biggest such fees ever paid. Stay tuned.

For more:
- here's an update from AP
- Here's a New York Times article