PGRE - Paramount Group jumps after Monarch Alternative bids $12/share

Paramount Group (NYSE:PGRE) soared 22% after Monarch Alternative Capital offered to acquire the company for $12/share. Monarch Alternative offered to buy PGRE for $12 in a letter on Thursday and the offer represented a 30% premium to PGRE's closing price on Feb. 22 and a 33% premium to the the trailing 30-day volume weighted average trading price of $9.01, according to a 13D filing. Monarch Alternative has a 5.6% stake in PGRE. Paramount (PGRE) confirmed that it received an unsolicited, non-binding proposal from Monarch Alternative and will carefully review the offer, according to a statement.  BofA is acting as Paramount’s financial advisor and Goodwin Procter LLP is acting as legal counsel. Earlier, BVK and Paramount JV acquires M&M’s World flagship store at 1600 Broadway.

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Paramount Group jumps after Monarch Alternative bids $12/share