Empire State Building IPO opponents lose key court battle
A group of investors seeking to block a deal to take the Empire State Building public were unable to Convince A State Supreme Court judge that a plan to buy them out was illegal, Bloomberg Businessweek reported.
Justice Peter Sherwood yesterday denied the motion brought by the investors. Stephen Meister, an attorney for the investors, did not immediately respond to Businessweek’s requests for comment. He had earlier indicated that the judge was likely to deny the motion and said he planned to appeal the ruling.
Malkin Holdings’, which seeks to create a publicly traded real estate investment trust made up of the Empire State Building and 20 other New York properties it controls, plans to buy out the investors hostile to the initial public offering for $100 a share.
As of April 3, Malkin had secured 94 percent of investor votes needed to move ahead with the plan, as The Real Deal reported. [Bloomberg Businessweek] –Hiten Samtani