Equity Office still prefers offer from Blackstone

Equity Office Properties Trust said it still preferred a $54-per-share cash offer from private equity firm Blackstone Group, despite a higher cash-and-stock bid of $56 a share from Vornado Realty Trust.

Chicago-based Equity Office , the largest U.S. office landlord, said it was recommending the $22.4-billion Blackstone deal because it believed it had “certainty of value and virtual certainty of closing in the immediate future.”

Shares of Equity Office rose 23 cents to $55.38.