The possible offer is subject to a number of pre-conditions, including the satisfactory completion of confirmatory due diligence, which is currently underway by Blackstone.
- An interview with BRAC Developments MD Adam Clark
- Blackstone to buy iQ Student Accommodation for almost £4.7bn
- St. Modwen and Crabhill Developments sell site to Taylor Wimpey for Wantage development
The possible offer represents a premium of approximately:
- 21.1% to St Modwen's closing share price of 448 pence on 6th May 2021
- 33.7%. to the volume weighted average St Modwen share price of 405 pence over the 90-day period ending on 6th May 2021
- 37.2% to the volume weighted average St Modwen share price of 395 pence over the 180-day period ending on 6th May 2021
- 23.8% to St Modwen's reported 2020 EPRA Net Tangible Assets Per Share of 438 pence.
St Modwen and Blackstone are working closely together to complete Blackstone's confirmatory due diligence as soon as practicable.
The global investment business confirmed that the possible offer is not subject to any financing pre-condition.
According to a statement made by the property development firm, the board of St Modwen has indicated to Blackstone that the possible offer is at a value it would be willing to recommend unanimously.
A further announcement will be made as appropriate.
Following this, St. Modwen’s shares rose by 19.55% to 535.