Zell’s New Takeover Terms for Monmouth Opposed by Blackwells

Blackwells Capital has come out against the sweetened terms of a proposed takeover of Monmouth Real Estate Investment Corp. by Sam Zell’s Equity Commonwealth.

Equity Commonwealth bumped up its bid for the industrial real estate company Monday to about $3.4 billion, including debt. Under the revised terms, investors could opt for $19 in cash or 0.713 of an Equity Commonwealth share for each Monmouth share they own on a prorated basis. Monmouth’s board unanimously supported the revised terms, which it said offered greater value and optionality to…