Equity Office Properties Trust (NYSE:EOP) shares moved up $1.67, or 3.16%, to $54.36 today after the Blackstone Group raised their bid by 11%, from $48.50 per share to $54 per share. This new bid is now that highest on the table after a consortium of investors led by REIT Vornado Realty Trust (NYSE:VNO) had the previous high bid of $52 per share. The board of trustees continues to recommend the Blackstone deal and will hold a special shareholder meeting scheduled for February 5th to vote on the merger agreement. The company said it can close the Blackstone deal on or about Feb. 8.

Equity Office also noted that Blackstone's termination fee has been raised to $500 million from $200 million; however, the company said it would continue to provide diligence information to the Vornado group so that it can submit a definitive counteroffer, if it desires, by January 31st for consideration. The company was also quick to point out that the $500 million termination fee represented just 2.1% of the offer, and therefore would not significantly discourage any future bids for the company. Meanwhile, shareholders remain cautiously optimistic as shares of EOP current trade at $54.36 - above the $54 high offer. The final price of this highly irregular bidding war remains to be seen; however, this is definitely a stock to keep an eye on over the next couple of weeks.

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