IN BRIEF: Takeover Panel sets out framework for Warehouse REIT auction

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Warehouse REIT PLC - London-based real estate investment trust that invest in large logistics warehouses - Takeover Panel says competitive situation continues to exist for Warehouse REIT as neither bidder, Tritax Big Box REIT PLC nor Blackstone Europe LLP, subsidiary of US private equity firm Blackstone Inc, has declared its offer final. If a competitive situation continues to exist as at August 25, an auction procedure will then commence. The auction procedure provides for up to five days of public bidding over sequential business days. Takeover Panel declares Auction Day 5 as September 1. In July, Warehouse REIT switched its recommendation from the Tritax offer to the Blackstone bid. Blackstone’s latest offer was worth 113.4 pence per share in cash, plus a 1.6p interim dividend, valuing Warehouse REIT at £489 million, roughly 3.5% higher than Tritax’s bid.

Current share price: 113.80p, unchanged in London on Tuesday

12-month change: up 30%

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