Expiration of “Go-Shop” Period Clears Path for Blackstone’s PS Business Parks Deal
PS Business Parks (PSB) said late Friday that the “go-shop” period specified in the merger agreement with affiliates of Blackstone Real Estate has expired. Under terms of the agreement, Blackstone has agreed to acquire all the outstanding shares of PSB’s common stock for $187.50 per share in an all-cash transaction valued at approximately $7.6 billion.
During the “go-shop” period, J.P. Morgan Securities and Eastdil Secured actively solicited company acquisition proposals from 43 potentially interested third parties. To date, none of the third parties contacted by PSB or its financial advisors have made competing proposals since the merger agreement was announced April 25.
As previously reported, Blackstone will acquire Glendale, CA-based PSB’s 27 million-square-foot portfolio of industrial, business park, traditional office and multifamily properties located primarily in California, Miami, Texas and Northern Virginia. The transaction is expected to close in the third quarter.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).