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LONDON - Blackstone-backed Wapping Bidco Ltd has increased its ownership in Warehouse REIT plc to 30.25% of the company’s issued share capital, triggering a mandatory cash offer for the remaining shares.
According to a statement released Friday, Wapping Holdings Limited, a wholly-owned subsidiary of Bidco, acquired an additional 71,054,871 Warehouse shares, bringing its total holdings to 128,508,597 shares. The company has also received irrevocable undertakings to accept the offer from Warehouse Independent (LON:IOG) Directors who hold approximately 0.28% of the company’s shares.
The mandatory cash offer price remains at 113.4 pence per share, unchanged from Bidco’s previous offer announced on July 10. The offer is now subject only to an acceptance condition requiring Bidco to receive valid acceptances that would result in it holding more than 50% of Warehouse REIT’s voting rights.
Earlier Friday, competitor Tritax Big Box REIT announced it would not increase the financial terms of its competing cash and share offer for Warehouse REIT, effectively making its offer final.
If Bidco acquires 75% or more of Warehouse REIT’s voting rights, it intends to cancel the admission of Warehouse shares to the Official List and to trading on the Main Market of the London Stock Exchange (LON:LSEG). Should Bidco reach 90% ownership, it plans to exercise its rights to compulsorily acquire any remaining shares.
The offer will remain open for acceptance until the unconditional date, which has not been specified in the statement. Shareholders who have already accepted the offer need not take further action, while those who have not are encouraged to accept as soon as possible.
Rothschild & Co Redburn is acting on behalf of Bidco and is seeking to purchase shares at the offer price.
The information in this article is based on a press release statement from Blackstone (NYSE:BX) Europe LLP.
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