Big Yellow Group pulls out of acquisition talks with Blackstone

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Big Yellow Group PLC on Thursday said talks with Blackstone Europe LLP regarding a possible bid had ended.

The Bagshot, Surrey-based self-storage site operator said Blackstone Europe, part of New York-based private equity investment manager Blackstone Inc, had updated the company on the status and valuation level of a possible offer.

Big Yellow said after consideration it has concluded that there is no basis for continuing discussions with Blackstone, adding the put-up or shut-up deadline of December 8 will not be extended.

Shares in Big Yellow closed down 1.5% at 1,062.00 pence each in London on Thursday for a market value of £2.09 billion.

On Tuesday, Sky News had reported Blackstone was close to withdrawing its interest in Big Yellow Group.

Sky said Big Yellow executives were pushing for a bid of at least £14 per share.

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