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LONDON - Blackstone (NYSE:BX) Inc. has revised its cash offer for Warehouse REIT plc, increasing the consideration to 113.4 pence per share, according to a statement released by Warehouse REIT on Thursday.
The revised terms also include the right for shareholders to receive and retain Warehouse REIT’s fourth interim dividend of 1.6 pence per share, expected to be paid later this month.
Warehouse REIT’s board noted that it is reviewing the revised terms with its advisers and will continue engaging in shareholder discussions. The board stated it "has always been, and will remain, objective and resolutely focused on carrying out its fiduciary duties in the interests of Warehouse REIT Shareholders."
In addition to the increased offer, Wapping Holdings Limited, a wholly owned subsidiary of Wapping Bidco Ltd. (the Blackstone entity making the offer), has agreed to acquire approximately 10.49 percent of Warehouse REIT’s issued share capital. This acquisition involves 44,581,867 shares at a price equal to the increased cash consideration.
Warehouse REIT has advised its shareholders to take no action regarding the Blackstone offer at this time, with further announcements to follow.
Peel Hunt LLP and Jefferies International Limited are serving as joint financial advisers to Warehouse REIT in connection with the offer.
The information in this article is based on a press release statement from Warehouse REIT.
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