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.