Consideration Per Common Share or Unit Increased to $54.00 Payable in Cash
CHICAGO (January 25, 2007) – Equity Office Properties Trust (NYSE: EOP) today announced that it has amended its merger agreement entered into on November 19, 2006 with affiliates of The Blackstone Group. Under the terms of the amended agreement, Blackstone will acquire all of the outstanding common stock of Equity Office for $54.00 per share, payable in cash, in a transaction valued at approximately $38.3 billion. The increased purchase price represents an increase of $5.50 per share, or approximately 11.3 percent, over the $48.50 price per share previously provided. The increased purchase price also represents a premium of 27.8 percent over the average closing price of Equity Office’s shares for the 30 trading-day period prior to November 19, 2006.