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Stock Alert: Paramount Climbs 11% After Rejecting Bow Street Takeover Offer

Shares of New York-based real estate investment trust Paramount Group, Inc. (PGRE) are rising more than 11 percent or $0.94 in Tuesday's morning trade at $9.23.

Monday, Paramount Group said its board of directors rejected an unsolicited proposal received on November 4 from Bow Street LLC to acquire all of the company's outstanding shares for between $9.50 and $10.00 per share in cash.

The board unanimously determined that the proposal is inadequate, significantly undervalues Paramount, and is not in the best interest of the company as well as all its stockholders.

Paramount Group has traded in a range of $5.54 to $15.00 in the past 52 weeks.

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