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New York & Tri-State  + Finance  | 
Rabina in $540M Financing for Fifth Ave Tower Construction

Paramount Receives $12 a Share Offer From Monarch Alternative Capital, Shares Soar on News of Unsolicited Bid 

Trophy office property specialist Paramount Group has received an unsolicited, non-binding proposal from Monarch Alternative Capital LP to acquire all of Paramount’s  outstanding common stock for $12.00 per share in cash, Paramount has confirmed in a press release. News of the surprise bid was first reported this afternoon in Crain’s New York. 

Paramount’s board did not reveal its stance toward the bid, saying only that it was carefully reviewing the bid consistent with its fiduciary responsibilities and that it would in due course determine what course of action would be in the best interest of Paramount shareholders. Investors though were betting that a deal might occur, bidding up Paramount’s shares more than 20% to trade late in the afternoon at $11.29, still shy though of the $12 bid.

Paramount management said in their statement they believe the REIT has strong prospects going forward: “As Paramount’s 2022 guidance demonstrates, the Board and management team are confident that the Company will continue to drive strong performance as market dynamics normalize throughout the year. Paramount is well positioned to leverage its strong financial profile.” 

Paramount has in its portfolio 8.5 million-sf of prime New York office space. The company’s shares, like many office REITs, suffered greatly as offices emptied out during the COVID-19 epidemic. But Paramount has recently reported that leasing activity has rebounded sharply from the COVID depths, rising 137% in the most recent reporting quarter, according to Crain’s New York.  

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