Blackstone’s Bidco and Industrials REIT have agreed the terms of a recommended cash acquisition of the trust with a final cash offer of 168p per share, valuing the company at over £500m.
When the announcement was first made on 3 April, the board said Bidco - a newly-formed limited partnership indirectly owned by investment funds advised by affiliates of Blackstone - and Industrials REIT were targeting the announcement of a firm intention to make an offer by 14 April. In a London Stock Exchange notice, the board said the final offer price represents a premium of 42.4% to the closing price of 118p on 31 March, when Industrials REIT had a market capitalisation of £350m. The value of the deal, including debt and other liabilities, is £700m. Cash offer for Industrials RE...
To continue reading this article...
Join Investment Week for free
Signup and gain exclusive members-only insights - all free of charge!
- Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
- Get ahead of regulatory and technological changes affecting fund management
- Important and breaking news stories selected by the editors delivered straight to your inbox each day
- Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
- Be the first to hear about our extensive events schedule and awards programmes
