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Investing.com -- Big Yellow Group PLC (LON:BYG) stock soared 20.8% on Monday after Blackstone Europe LLP confirmed it is considering a potential cash offer for the self-storage company.
Blackstone acknowledged in a statement that investment funds advised by the firm are evaluating their position regarding Big Yellow, which could include a bid for the entire issued and to be issued share capital of the company. The private equity giant’s interest comes amid recent media speculation about a possible takeover.
The preliminary evaluation is still in early stages, according to Blackstone, which emphasized there is "no certainty that any offer for the Company will be made nor as to the terms of any such offer."
The firm noted it is considering various factors in its assessment, including the broader economic environment and potential impacts from the upcoming UK budget as they relate to the self-storage sector.
Big Yellow Group, a prominent player in the UK self-storage market, has attracted significant investor attention following Blackstone’s confirmation of its interest. The substantial stock price jump reflects market optimism about a potential premium offer, though Blackstone has not disclosed any potential valuation or timeline for a formal bid.
Blackstone’s statement comes in response to recent media reports speculating about its interest in acquiring the storage company.