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JPMorgan unit raises bid to buy Columbia Equity

Wed Feb 21, 2007 8:59pm EST

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NEW YORK, Feb 21 (Reuters) - Columbia Equity Trust Inc. COE.N, a real estate investment trust, said on Wednesday that a JPMorgan Chase & Co. (JPM.N) unit has increased its bid to buy Columbia Equity to $19.50 a share from $19.00 a share.

Mergers & Acquisitions

The all-cash transaction under which JPMorgan Asset Management's Special Situation Property Fund would buy Columbia Equity was originally announced in November. At that time the deal was valued at $289 million, plus $213 million in assumed debt.

A special meeting of Columbia's stockholders to vote on the merger is scheduled for Feb. 27.

In January, hedge fund group Ramius Capital Group LLC said it opposed the deal, saying the agreement was "seriously flawed" and that the sale "was not designed to obtain the highest possible sale price for Columbia stockholders."

Mergers & Acquisitions


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