Monarch Alternative Capital proposes takeover of Paramount Group

Monarch Alternative Capital (MAC) has proposed to acquire all of Paramount Group, according to a letter to Albert P. Behler, chairman, CEO, and president of Paramount, from Adam Sklar, co-portfolio manager and co-head of real estate, and Joshua Acheatel, managing principal, at MAC.

The proposed transaction offers Paramount stockholders $12 per share in cash, representing an immediate, substantial premium of about 30 percent to the closing stock price of $9.29 on Feb. 24 and a premium of about 33 percent to the trailing $9.01 30-day volume weighted average trading price.

While the letter does not constitute a binding offer or commitment to proceed with any transaction, MAC said it looks forward to a binding contract.