Vornado VNO (news,
chart,
quote) - VNO Feb puts bid up on Hedge VNO will raise EOP bid:Resulting in VNO risk
VNO, Starwood Capital and Walton Street teamed up to offer $52 (60% cash and 40% in VNO shares) for EOP on 1/17/07. Blackstone raised their bid to $54 on 1/25/07. EOP is recently trading at $55.22. EOP shareholders will vote on Blackstone bid on 2/5/07. VNO CEO Steve Roth said in June every deal VNO passed up on the past decade was a "mistake." VNO February 120 puts are bid are $2.50 bid above its theoretical value of $1.38 according to Track Data, suggesting hedges for downside risk.
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