Bow Street, which provides investment advisory services, offered to acquire Paramount Group, a fully-integrated real estate investment trust that owns, operates, manages, acquires and redevelops high-quality, Class A office properties, for c. $2.2bn. The offer was rejected. "The Paramount Board is open to all opportunities to enhance stockholder value, and we engaged extensively with Bow Street and carefully considered its proposal with this in mind. While we are pleased Bow Street recognizes that Paramount’s value significantly exceeds the value implied by current trading prices, the Board determined that Bow Street’s proposal is wholly inadequate, opportunistic in its timing and significantly undervalues the Company and its compelling prospects for long-term value creation. Among other things, Bow Street’s proposed pricing range is materially lower than our pre-Covid-19 trading levels and significantly undervalues our assets based on their intrinsic value. Importantly, we remain open-minded about all opportunities to create additional value and will continue to take actions that are in the best interest of Paramount and all of its stockholders," Albert Behler, Paramount Chairman, President and CEO.