CHICAGO-Two companies have upped their offers in takeover bids in requests for more time to act. New York City-based Apollo Global Management has increased its offer to acquire Madison, WI-based Great Wolf Resorts Inc. to $7 per share, and Equity Residential has raised its offer by$15 million to $1.5 billion to buy an interest in Denver-based Archstone.
Locally based Equity said in a recent statement that it has reached an agreement with Bank of America and Barclays Bank to extend the deadline for Equity’s purchase offer for 26.5% of Archstone to May 21. In return, Equity has increased its offer to a level $1.5 billion from $1.485 billion.
(While the negotiations drag on, Zell was his ever-pithy self at Thursday's NYU Schack Conference. See our New York Story.)
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