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LONDON - The Takeover Panel has granted Warehouse REIT PLC an extension on the deadline for Blackstone (NYSE:BX) Europe LLP to announce its firm intention to make an offer for the company or to declare that it will not pursue the acquisition. The new deadline is set for 5.00 pm London time on May 30, 2025.
Previously, Blackstone, acting on behalf of its affiliated investment funds, had proposed a final indicative, non-binding offer of 115 pence per share for Warehouse REIT, adjusted for the interim dividend already paid. However, after due diligence, Blackstone raised concerns about the valuation of a key development asset, which has led to ongoing discussions between the parties.
Warehouse REIT, which had initially indicated its willingness to recommend Blackstone’s offer to its shareholders, is now working with its financial advisers and an independent valuer to address the valuation issues raised by Blackstone.
The Takeover Panel’s decision to extend the deadline comes after Warehouse REIT’s request, allowing additional time for these discussions to potentially resolve the differences in valuation. According to the announcement, the terms of the final indicative proposal are not subject to increase unless a competing offer emerges or the Panel consents in exceptional circumstances.
Blackstone has reserved the right to revise the offer under certain conditions, including with the Board’s agreement or if a third party proposes a lower offer for Warehouse REIT. Any dividends or distributions announced by Warehouse REIT after the date of the initial proposal will be deducted from the offer terms, except for the interim dividend that has already been retained by shareholders.
The announcement emphasizes that there is no certainty that Blackstone or any other party will make a firm offer for Warehouse REIT.
This extension provides Blackstone with the opportunity to either confirm its intention to acquire Warehouse REIT or to withdraw from the process by the newly set deadline. The outcome of these negotiations and the potential offer remain uncertain as both parties continue to evaluate the terms and valuation discrepancies.
The information in this article is based on a press release statement.
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