Investors in the Empire State Building who opposed its initial public offering last year have lost a challenge in a state appeals court to a contract provision allowing their interest to be bought out for $100 per share.
The investors had an interest in the building through participation agreements, which allowed their interests to be bought if there was a merger or sale without their consent. The building’s supervisors, Peter Malkin and his son Anthony, successfully took the building public last year after a majority of investors consented. But the dissenting investors alleged they were strong-armed into agreeing because the buyout provision would rob them of most of the value of their shares, which were worth thousands.
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