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LONDON - Unite Group (LON:UTG) PLC, a leading provider of student accommodation, has made a non-binding proposal to acquire Empiric Student Property PLC, as announced on Thursday. The proposed deal would see Unite Group offering 30 pence in cash and 0.09 new Unite shares per Empiric share, valuing Empiric at approximately £719 million.
The offer represents a premium over Empiric’s recent share prices, including a 10% increase over the closing price on Wednesday, and premiums of 21% and 24% over the three-month and six-month volume-weighted average prices, respectively. The possible acquisition is seen as a strategic move by Unite to expand its presence in the student housing market, particularly among returner and postgraduate segments, and to create a combined entity with enhanced scale and growth prospects.
Unite’s proposal includes the potential for unlocking synergies through its operating platform, which could lead to increased earnings and shareholder returns while maintaining a strong balance sheet. The deal also contemplates the continuation of Empiric’s declared interim dividend of 0.925 pence per share, which is due to be paid on June 27, 2025.
Under the rules of the City Code on Takeovers and Mergers, Unite has until 5.00 p.m. (London time) on July 3, 2025, to either announce a firm intention to make an offer or to declare that it does not intend to proceed with an offer. This deadline can be extended with the consent of the Panel on Takeovers and Mergers.
Unite has reserved the right to adjust the terms of the proposal or to make an offer at a lower value or on less favorable terms under certain conditions, such as with the agreement of Empiric’s Board, if a third party makes a lower offer, or in response to certain corporate actions by Empiric.
The announcement is based on a press release statement and reflects the current stage of negotiations, with no certainty that an offer will be made. Further announcements will be made as appropriate.
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