Blackstone vehicle confirms unconditional offer for Warehouse REIT
Blackstone Europe LLP on Monday said its takeover bid for Warehouse REIT PLC is unconditional, after edging out rival suitor Tritax Big Box Holdings PLC last month.
The New York-based private equity firm plans to acquire Warehouse through a newly-formed investment vehicle called Wapping Bidco Ltd. Blackstone is offering 113.4 pence per share in cash, plus a 1.6p interim dividend, valuing Warehouse at £489 million.
Both Warehouse and Tritax are London-based real estate trusts investing in large logistics sites. Back in August, Tritax said it would no longer proceed with its offer, after refusing to raise its price.
Tritax’s final offer was around 3.5% lower than Blackstone’s, due to share price fluctuation. The proposal was for 47.2p in cash, plus 0.4236 of one Tritax share, for each Warehouse share. It reduced in value to 111.1p in July from 114.4p in June as Tritax’s stock fell.
Blackstone’s current offer matches an early approach made in March, before due diligence led Blackstone to temporarily lower its price to 109.00p per share.
Warehouse shares traded 0.5% lower at 113.00p on Monday afternoon in London, while Tritax rose 0.7% to 137.80p. Blackstone was up 0.1% at $169.99 per share during premarket dealings in New York.
According to Blackstone, the acceptance level for its bid stood just under 52% on Monday, including its own shares, up from just under 45% on Friday. Back in August, acceptances rose to 34.4% from 13.52% when Tritax retracted its offer.
Warehouse shareholders will vote on the possible takeover at an annual general meeting on September 30, postponed from September 2 to allow for more clarity. The deal requires at least 75% approval to proceed.
Given that Blackstone’s proposal is unconditional, it is now a controlling shareholder of Warehouse, and can ‘determine the overall strategy’ of the company, it said. Blackstone representatives will replace Warehouse’s current directors, who are expected to resign ‘shortly’, Blackstone added, as it urged shareholders who have not yet accepted its offer to do so.
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