Starwood Capital Group, a real estate investment trust, offered to acquire Monmouth Real Estate, a public equity REIT, for $3.4bn. Starwood was bidding against Equity Commonwealth, which terminated its offer after it was rejected by Monmouth's shareholders. "While we recognize that stockholders have a wide range of views and differing time-horizons and tax considerations, we are disappointed in the outcome of today's vote. We continue to believe in the merits of a transaction that offers Monmouth stockholders the opportunity to continue to participate in the growth of the industrial real estate sector," Michael Landy, Monmouth President and CEO. On July 12, 2021, Monmouth received an unsolicited takeover bid from Starwood Capital Group, an investment firm. Starwood Capital has offered an all-cash takeover for $18.70 a share. On July 17, 2021; Monmouth gets a revised offer from an unidentified private investment firm. On July 21, 2021, Starwood Capital Group confirmed it sweetened its bid for Monmouth Real Estate to $1.92bn. On August 16, 2021, Equity Commonwealth and Monmouth amended the merger agreement to raise the offer value to $3.4bn including $857m of mortgage debt, and the repayment of the $550m of Monmouth’s 6.125% Series C redeemable preferred stock. On August 18, 2021, Starwood increases the bid to acquire Monmouth Real Estate Investment to $19.2 per share. On August 31, 2021, Monmouth shareholders rejected the bid from Equity Commonwealth.