CHICAGO-The attempt by a group seeking to buy Prime Group Realty Trust in a deal estimated at $877 million is not over, says E. Barry Mansur, who is trying to buy the REIT along with its former chairman, Michael W. Reschke. REIT officials declared Prime/Mansur Investment Partners, LLC’s offer to pay $6.70 per share for Prime Group Realty Trust common stock terminated last week when the would-be buyers missed a deadline for an additional $4.5 million in earnest money, as well as a commitment from a lender for $122 million.

“We believe that PGRT is attempting to renegotiate a substantive provision regarding the structure of the merger to which it had previously agreed,” Mansur argues. “Negotiations are ongoing between our organization and Prime Group attempting to overcome our differences and complete the planned merger.”

Prime Group Realty Trust president and chief executive officer Jeffrey A. Patterson declined further comment on the Prime/Mansur bid during last week’s earnings conference call.

“We are optimistic that our discussions with management will lead to a resolution of our dispute and a closing of the Prime acquisition in the near future,” Mansur adds. “However, if these negotiations are not successful, we will pursue all legal remedies available to us, including the enforcement of the merger agreement, which we deem to be valid and in full force and effect.”

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