NEW YORK CITY-A second offer to buy the Empire State Building has come in as Malkin Holdings prepares for an IPO on a REIT that would include the office icon as well as other Midtown properties. The unidentified bidder made a $2.1-billion offer for the landmark office property, following Rubin Schron's unsolicited $2-billion takeover bid last week.
“We received last week two unsolicited bids to purchase the Empire State Building, one for $2.0 billion and one for $2.1 billion,” wrote Peter Malkin and Anthony Malkin, Malkin Holdings' chairman and president, respectively, in a letter to investors filed with the SEC. “We are reviewing the offers and their terms. We consider all matters, including unsolicited offers, consistent with our fiduciary duties, to form a judgment on what action is appropriate. We do not intend to issue a comment until after our review.”
The SEC filing noted that the supermajority of shareholder consent for consolidation and an IPO has been received “in all entities.” Ten-day buyout notices have sent to non-consenting investors in two of the entities that would be rolled into the REIT, Empire State Building Associates LLC and 60 East 42nd St. Associates LLC.
“Meanwhile, we maintain our focus on the success of the properties we supervise,” the Malkins wrote. “Our active day-to-day involvement is not diminished, and your participation in your entities and your right to their distributions continue unaffected.”
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