In the Times‘s EOP post-mortem this morning, Terry Pristin takes a look at Steve Roth, the head of Vornado who lost big to Blackstone in a months-long bidding war. The conclusion: It’s a defeat, but Roth’s reptuation is safely in place.
“He had a defeat in an unbroken string of successes, which is something unusual for him,” said Doug Durst to the Times. “But it’s not like he had a project go south on him, so it’s not a terrible black mark.”
The evidence? Wall Street still backs him. Vornado’s share stands at $134.65 and on the day Mr. Roth backed out, the company’s share rose more than 7 percent.
– John Koblin