Empiric student property shareholders to vote on Unite acquisition

LONDON - Empiric Student Property PLC (LSE:ESP) announced Tuesday it has published and distributed a scheme document to shareholders regarding its proposed acquisition by The Unite Group PLC (LSE:UTG).

The acquisition, first announced on August 14, will be implemented through a court-sanctioned scheme of arrangement requiring shareholder approval. Empiric has scheduled a Court Meeting and General Meeting for October 6 at the offices of Gowling WLG in London, where shareholders will vote on the transaction.

Under the terms of the deal, Unite will acquire the entire issued and to-be-issued ordinary share capital of Empiric through a cash and share offer. The Empiric board, advised by Peel Hunt and Jefferies on financial terms, unanimously recommends shareholders vote in favor of the scheme.

Empiric directors who hold shares, representing approximately 0.06 percent of the company’s issued ordinary share capital, have irrevocably committed to vote in support of the transaction.

For the scheme to become effective, it must be approved by a majority in number of scheme shareholders voting at the Court Meeting, representing at least 75 percent in value of the shares voted.

The company emphasized the importance of shareholder participation, urging investors to submit proxy forms by October 2 regardless of whether they plan to attend the meetings in person.

If approved, the transaction is expected to complete in the first half of 2026, subject to satisfaction of conditions. Following completion, Empiric shares will be delisted from the London Stock Exchange.

The scheme document is available on both companies’ websites and has been submitted to the National Storage Mechanism.

This information is based on a press release statement from Empiric Student Property.

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