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LONDON - Warehouse REIT plc’s independent directors have unanimously recommended that shareholders accept the increased cash offer from Blackstone-backed Wapping Bidco Limited, according to a response document published Wednesday.
The document, released in accordance with Rule 25.1(a) of the City Code on Takeovers and Mergers, outlines the board’s reasoning for supporting the bid for the entire issued and to be issued share capital of Warehouse REIT.
Wapping Bidco, a newly-formed company indirectly owned by investment funds advised by Blackstone (NYSE:BX) Inc. affiliates, published its offer document on July 10.
The response document has been posted to Warehouse REIT shareholders and made available on the company’s investor relations website, according to the press release statement.
The document provides detailed explanations supporting the independent directors’ recommendation that shareholders accept or procure acceptance of the offer for their shares.
Neither the financial terms of the increased cash offer nor the specific reasons for the board’s recommendation were disclosed in the announcement.
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