Paramount Group gets buyout offer from Monarch

Hedge fund manager Monarch Alternative Capital LP made an unsolicited, nonbinding offer to buy office real estate investment trust Paramount Group Inc. at $12.00 per common share in cash.

The offer values Paramount at roughly $2.63 billion, based on the REIT's 219,105,492 outstanding shares as of Feb. 22.

Paramount said its board is reviewing the offer and has engaged BofA Securities as financial adviser and Goodwin Procter LLP as legal counsel.

Shares of the REIT jumped more than 20% in midday trading Feb. 25.