Equity Office (NYSE:EOP)
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Equity Office Properties Trust (NYSE:EOP) announced today that its Board
of Trustees has declared a fourth quarter cash dividend in the amount of
$0.33 per common share. The dividend will be paid on Friday, December
29, 2006, to common shareholders of record at the close of business on
Friday, December 15, 2006.
On November 19, 2006, Equity Office signed a merger agreement to be
acquired by Blackstone Real Estate Partners V L.P., an affiliate of The
Blackstone Group. The transaction is expected to close in the first
quarter of 2007. Under the terms of the agreement, Equity Office does
not anticipate payments of its regular quarterly common share dividend
subsequent to the December payment.
Equity Office Properties Trust, operating through its various
subsidiaries and affiliates, is the nation's largest publicly held
office building owner and manager with a total office portfolio
consisting of whole or partial interests in 580 buildings comprising
108.6 million square feet in 16 states and the District of Columbia.
Equity Office has an ownership presence in 24 Metropolitan Statistical
Areas (MSAs) and in 100 submarkets, enabling it to provide a wide range
of office solutions for local, regional and national customers. For more
company information visit the Equity Office website at http://www.equityoffice.com.
Forward-Looking Statements
This press release contains certain forward-looking statements based on
current Equity Office management expectations. Those forward-looking
statements include all statements other than those made solely with
respect to historical fact. Numerous risks, uncertainties and other
factors may cause actual results to differ materially from those
expressed in any forward-looking statements. These factors include, but
are not limited to, (1) the occurrence of any event, change or other
circumstances that could give rise to the termination of the merger
agreement; (2) the outcome of any legal proceedings that may be or have
been instituted against Equity Office and others following announcement
of the merger agreement; (3) the inability to complete the merger due to
the failure to obtain shareholder approval or the failure to satisfy
other conditions to completion of the merger, including the receipt of
shareholder approval and the expiration of the waiting period under the
Hart-Scott-Rodino Antitrust Improvements Act of 1976; (4) the failure to
obtain the necessary debt financing arrangements set forth in commitment
letters received in connection with the merger; (5) risks that the
proposed transaction disrupts current plans and operations and the
potential difficulties in employee retention as a result of the merger;
(6) the ability to recognize the benefits of the merger; (7) the amount
of the costs, fees, expenses and charges related to the merger and the
actual terms of certain financings that will be obtained for the merger;
and (8) the impact of the substantial indebtedness incurred to finance
the consummation of the merger; and other risks that are set forth in
the "Risk Factors," "Legal Proceedings" and "Management Discussion and
Analysis of Results of Operations and Financial Condition" sections of
Equity Office's SEC filings. Many of the factors that will determine the
outcome of the subject matter of this press release are beyond Equity
Office's ability to control or predict. Equity Office undertakes no
obligation to revise or update any forward-looking statements, or to
make any other forward-looking statements, whether as a result of new
information, future events or otherwise.
Additional Information About the Merger and Where to Find It
In connection with this proposed transaction, the company will file a
proxy statement with the Securities and Exchange Commission (SEC).
SHAREHOLDERS ARE URGED TO READ THE PROXY STATEMENT FILED WITH THE SEC
CAREFULLY AND IN ITS ENTIRETY WHEN IT BECOMES AVAILABLE BECAUSE IT WILL
CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. The final
proxy statement will be mailed to the company's shareholders. In
addition, shareholders will be able to obtain the proxy statement and
all other relevant documents filed by the company with the SEC free of
charge at the SEC's Web site www.sec.gov
or from Equity Office Properties Trust, Investor Relations at Two North
Riverside Plaza, Suite 2100, Chicago, Illinois, 60606, (312) 466-3300.
Participants in the Solicitation
The company's trustees, executive officers and other members of
management and employees may be deemed to be participants in the
solicitation of proxies from the shareholders of the company in favor of
the proposed transaction. Information about the company and its trustees
and executive officers, and their ownership of the company's securities,
is set forth in the proxy statement for the 2006 Annual Meeting of
Shareholders of the Company, which was filed with the SEC on April 17,
2006. Additional information regarding the interests of those persons
may be obtained by reading the proxy statement when it becomes available.