BofA update shows where active managers are putting money
LONDON - Blackstone-backed Wapping Bidco has strengthened its position in the takeover battle for Warehouse REIT plc (LSE:WHR) after rival bidder Tritax Big Box REIT plc (LSE:BBOX) withdrew its offer, according to a regulatory announcement Wednesday.
The UK Takeover Panel has set September 10 as the deadline for Wapping Bidco to complete its increased cash offer for Warehouse REIT, extending the timeline for the acquisition process.
Wapping Bidco, a newly formed company owned by investment funds advised by Blackstone Inc. affiliates, initially announced a recommended cash offer for Warehouse REIT on June 4. The situation evolved when Tritax Big Box REIT entered the competition on June 25 with a rival shares and cash offer that temporarily gained Warehouse REIT’s board recommendation.
The contest intensified on July 10 when Wapping Bidco increased its all-cash offer and switched from a scheme of arrangement to a contractual offer structure. This improved bid prompted Warehouse REIT’s board to reverse its recommendation the following day, favoring Wapping Bidco’s proposal over Tritax’s.
Wapping Bidco has already secured a significant stake in the target company, announcing on August 22 that it had acquired approximately 30.25 percent of Warehouse REIT’s voting rights through its wholly-owned subsidiary Wapping Holdings Limited. This triggered a mandatory cash offer requirement under Rule 9 of the UK Takeover Code.
Tritax Big Box REIT confirmed on August 22 that it would not increase the financial terms of its offer, before formally withdrawing from the competition Wednesday.
The announcement, issued through the London Stock Exchange’s news service, indicates that both Warehouse REIT and Wapping Bidco have accepted the Takeover Panel’s ruling on the revised timeline.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.