Prime Group Buyers Say Deal Still Possible

CHICAGO-The attempt by a group seeking to buy Prime Group Realty Trust in a deal estimated at $877 million is not over, says E. Barry Mansur, who is trying to buy the REIT along with its former chairman, Michael W. Reschke. REIT officials declared Prime/Mansur Investment Partners, LLC’s offer to pay $6.70 per share for Prime Group Realty Trust common stock terminated last week when the would-be buyers missed a deadline for an additional $4.5 million in earnest money, as well as a commitment from a lender for $122 million.

“We believe that PGRT is attempting to renegotiate a substantive provision regarding the structure of the merger to which it had previously agreed,” Mansur argues. “Negotiations are ongoing between our organization and Prime Group attempting to overcome our differences and complete the planned merger.”