The battle for control of Equity Office Properties Trust, the largest-quoted owner of office properties in the US, ended today

Blackstone, the private equity firm, emerged victorious after Equity Office’s shareholders approved its $23bn (£11.7bn) cash offer. If assumed debt is included, the deal is worth $39bn (£19.8bn), making it the largest-ever private equity buyout.

Blackstone's revised bid of $55.50 a share was just a little below the $56 a share in cash and shares being offered by rival bidder Vornado Realty Trust, in partnership with Starwood Capital and Walton Street Capital.

But the Vornado consortium withdrew its offer hours before the shareholder vote, saying the premium it would have to pay to top Blackstone's offer would not be in the interest of its shareholders.

Vornado's bid had been deemed too risky by Equity Office because of the length of time it would take to complete and the need for Vornado shareholder approval.

The bidding for Equity Office began in November when Blackstone agreed to buy the company for $20bn (£10.2bn), or $48.50 a share.