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LONDON - Blackstone (NYSE:BX) Europe LLP has increased its cash offer for Warehouse REIT plc to 113.4 pence per share, valuing the company at approximately £489 million on a fully diluted basis, according to a statement released Thursday.
The revised proposal, made through Blackstone’s newly-formed company Wapping Bidco Ltd, represents a 3.6 percent premium to the competing offer from Tritax Big Box REIT plc announced on June 25. When combined with Warehouse REIT’s expected fourth interim dividend of 1.6 pence per share scheduled for July 25, shareholders would receive a total of 115 pence per share.
Blackstone has also switched its acquisition approach from a court-sanctioned scheme of arrangement to a takeover offer requiring acceptance by shareholders representing more than 50 percent of Warehouse REIT shares.
As part of this move, Wapping Holdings Limited, a wholly owned subsidiary of Bidco, has agreed to acquire approximately 44.6 million Warehouse shares, representing 10.49 percent of the company’s issued share capital. Additionally, Warehouse REIT’s independent directors have provided irrevocable undertakings to accept the offer for their combined 0.28 percent stake.
The increased offer represents a 39.6 percent premium to Warehouse REIT’s closing share price of 82.4 pence on February 28, the last business day before the offer period commenced, and a 42.5 percent premium to the three-month volume weighted average price ending on that date.
Rothschild & Co, as lead financial adviser to Bidco, has confirmed that sufficient resources are available to satisfy the cash consideration in full.
The offer document containing the full terms and conditions has been published and posted to Warehouse REIT shareholders. The offer will remain open for acceptance until September 8, unless extended.
The information in this article is based on a press release statement from Blackstone Europe LLP.
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