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The directors of Brighton Bidco Limited and the directors of St. Modwen Properties PLC have reached agreement on the proposed acquisition.
The terms and conditions of a recommended all cash offer by Bidco for the entire issued, and to be issued, ordinary share capital of St. Modwen is intended to be implemented by way of a scheme arrangement.
Under the terms of the acquisition, each St. Modwen Shareholder will be entitled to receive 542 pence in cash for each share.
The acquisition values St. Modwen's entire issued, and to be issued, ordinary share capital at approximately £1,237 million.