(Reuters) -U.S. investment firm Starwood Capital Group on Wednesday confirmed it sweetened its buyout bid for Monmouth Real Estate Investment Corp to $1.92 billion.
Starwood raised its bid for Monmouth to $19.51 per share, representing an upside of about 1% to the stock’s last close.
Monmouth said last week it had received an unsolicited acquisition proposal from “a large private investment firm” for $19.51 per share. Starwood had previously offered the company $18.70 apiece.
The firm also said the consideration included a termination fee of $0.63 per share owed to Equity Commonwealth, which had planned to acquire Monmouth for $1.91 billion in stock.
Monmouth, whose shares are up 2.1% in premarket trade, could not be immediately reached for a comment.
Reporting by Shreyasee Raj in Bengaluru; editing by Uttaresh.V