S& P 500 hits all time highs U.S.-Japan trade deal optimism
LONDON - Empiric Student Property plc announced Thursday that the deadline for The Unite Group (LON:UTG) plc to make a formal takeover offer has been extended to July 31, 2025, providing additional time for Unite to complete its due diligence process.
The extension comes after Unite’s initial proposal on June 5 for a possible share and cash offer for Empiric. According to the announcement, the due diligence conducted so far has "reinforced Unite’s belief" in the strategic value of acquiring Empiric’s portfolio.
Unite sees potential benefits in gaining greater scale and enhanced growth opportunities aligned with the UK’s strongest universities. The company also views Empiric’s customer proposition as complementary, potentially allowing Unite to appeal to a broader customer base, particularly in the market for returning students.
The possible transaction is expected to deliver earnings accretion and enhanced shareholder returns while maintaining balance sheet strength, according to the statement.
The Takeover Panel granted the extension at Empiric’s request, moving the "put up or shut up" (PUSU) deadline from July 3 to July 31, 2025. By this new deadline, Unite must either announce a firm intention to make an offer or declare it does not intend to proceed.
The announcement emphasized that there is no certainty an offer will be made. The extension was made with Unite’s consent, and any further extension would require both Empiric’s request and the Takeover Panel’s approval.
Empiric Student Property specializes in high-quality student accommodation in the UK. The company’s announcement was made in accordance with Rule 2.4 of the City Code on Takeovers and Mergers.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.