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Wednesday, Jul 6, 2022

‘Go Shop’ Period Expires for PS Business Parks Acquisition

The “go shop” period for PS Business Parks Inc.’s buyout has expired, the Glendale company announced.

The “go shop” period for PS Business Parks Inc.’s buyout has expired, the Glendale company announced Friday.

Last month, Blackstone Real Estate agreed to acquire all the outstanding shares of the industrial real estate investment trust for $187.50 a share, or $7.6 billion including transaction expenses.

During the “go-shop” period, PS Business Parks’ financial advisors, J.P. Morgan Securities and Eastdil Secured, shopped the company by soliciting acquisition proposals from 43 potentially interested parties.

“To date, none of the third parties contacted by PSB or its financial advisors, or any other third parties, have made competing proposals following the execution of the merger agreement,” the company said in a statement.

The “go shop” period expired on May 25. The Blackstone acquisition is expected to close in the third quarter.

Shares of PS Business Parks (PSB) closed Friday up 46 cents, or a fraction of a percent, to $187.61, on the New York Stock Exchange, while the Dow closed up nearly 1.8 percent.

Joel Russel
Joel Russel
Joel Russell joined the Los Angeles Business Journal in 2006 as a reporter. He transferred to sister publication San Fernando Valley Business Journal in 2012 as managing editor. Since he assumed the position of editor in 2015, the Business Journal has been recognized four times as the best small-circulation tabloid business publication in the country by the Alliance of Area Business Publishers. Previously, he worked as senior editor at Hispanic Business magazine and editor of Business Mexico.

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