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LONDON - Warehouse REIT PLC and Blackstone (NYSE:BX) Europe LLP have agreed to an extension of the deadline for Blackstone to announce its firm intention to make an offer for Warehouse REIT or to declare that it will not pursue the acquisition. The Takeover Panel has consented to push the deadline, initially set for today at 5.00 pm London time, to 5.00 pm on June 6, 2025.
The negotiations follow Blackstone’s final revised proposal of 110.6 pence per share, inclusive of an interim dividend, which was reconfirmed on May 25, 2025. Warehouse REIT’s Independent (LON:IOG) Committee, formed due to a conflict of interest among certain directors, has indicated a potential recommendation of Blackstone’s offer, subject to agreement on other terms and conditions.
This development comes after Blackstone’s initial proposal on March 25, 2025, of 115 pence per share was adjusted for an interim dividend paid on April 11, 2025. The Board of Warehouse REIT had expressed its inclination to endorse the offer, provided the financial terms remained unchanged. However, Blackstone retracted from the initial terms due to differing views on the valuation of a key development asset, leading to the revised proposal.
Blackstone retains the right to increase its offer if a third party expresses interest in Warehouse REIT or if the Takeover Panel consents in exceptional circumstances. Additionally, Blackstone may propose an offer on less favorable terms with the Board’s agreement or in response to a lower third-party offer.
The announcement is based on a press release statement and does not guarantee that Blackstone or any other party will ultimately make a firm offer for Warehouse REIT. The situation remains uncertain, and the discussions are ongoing.
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