St. Modwen Properties Receives GBP1.21 Billion Takeover Proposal From Blackstone
May 07 2021 - 3:00AM
Dow Jones News
By Joe Hoppe
St. Modwen Properties PLC said Friday that it has received a
nonbinding conditional proposal from Blackstone Group Inc. for a
cash offer of around 1.21 billion pounds ($1.68 billion).
The U.K. property investor and developer said that Blackstone
has made a possible cash offer of 542 pence a share for the entire
issued capital of the company--around 222.63 million shares--after
a series of unsolicited proposals. The price represents a 21%
premium to St. Modwen's closing share price of 448 pence on
Thursday and a 24% premium to St. Modwen's 2020 net tangible assets
per share.
The possible offer is at a value it would be willing to
unanimously recommend if Blackstone announces a firm intention to
make an offer, St. Modwen's management said. Any offer is subject
to preconditions, including due diligence.
There is no certainty that Blackstone will make a firm offer,
and according to the takeover code Blackstone have until June 4 to
say it will make a firm offer or walk away.
Blackstone confirmed the possible offer in a separate
release.
Write to Joe Hoppe at joseph.hoppe@wsj.com
(END) Dow Jones Newswires
May 07, 2021 02:45 ET (06:45 GMT)
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