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July 12 (Reuters) - Monmouth Real Estate Investment Corp received an unsolicited takeover bid from U.S. investment firm Starwood Capital Group, Bloomberg News reported on Monday, citing people familiar with the matter.
The report came in shortly after the U.S. real-estate investment trust said in a statement that it received an unsolicited acquisition proposal from 'a large private investment firm', though it did not name the company.
"The investment firm is proposing to acquire 100% of outstanding equity of the company for net cash consideration of about $18.70 per share of company's stock," Monmouth said, adding that the board is evaluating the new unsolicited proposal.
The deal values Monmouth at around $1.84 billion, according to Reuters calculation based on the data available on Refinitiv Eikon.
Starwood is the rival bidder, and was part of the original strategic review process earlier this year that resulted in the deal for Monmouth to sell itself to Equity Commonwealth, Bloomberg News reported https://bloom.bg/3e8tg4I.
Starwood Capital declined to comment.
As on Monday, the market capitalization of Monmouth was at $1.86 billion, according to Refinitiv Eikon data.
In May, rival Equity Commonwealth had planned to acquire Monmouth for $1.91 billion in stock.
(Reporting by Anirudh Saligrama and Ann Maria Shibu in Bengaluru, Editing by Sherry Jacob-Phillips)