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LONDON - Empiric Student Property PLC (LSE:ESP), a UK-based owner and operator of student housing, has confirmed it is in preliminary discussions with The Unite Group PLC (LSE:LON:UTG) regarding a potential takeover. This follows recent market speculation and a formal non-binding proposal received from Unite on May 7, 2025.
Empiric’s board disclosed on Thursday that after initial engagement, a revised proposal was submitted by Unite on May 29, 2025. The offer consists of 30 pence in cash and 0.09 new Unite shares for each Empiric share. Based on the closing share price of Unite at 855.5 pence on June 4, 2025, the proposal implies a valuation of 107.0 pence per Empiric share.
The board has agreed to a period of due diligence with Unite, indicating a step forward in the negotiation process. However, it emphasized that there is no certainty an offer will be made or the terms that might be proposed.
In compliance with the City Code on Takeovers and Mergers, Unite must clarify its intentions by 5.00 p.m. on July 3, 2025. By this deadline, Unite must either announce a definitive intention to make an offer or declare that it will not pursue the acquisition, which would trigger Rule 2.8 of the Code.
This latest development could potentially lead to a significant consolidation in the student accommodation sector, with Unite, already a leading player, expanding its portfolio through the acquisition of Empiric’s assets. The statement from Empiric was made independently and without the approval of Unite.
The information for this report is based on a press release statement from Empiric Student Property PLC.
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