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St. Mowden recieves possible offer from Blackstone, board willing to recommend 'unanimously'
StockMarketWire.com
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The board of St. Modwen Properties PLC has announced that it received a non-binding conditional proposal from Blackstone Funds, advised by affiliates of The Blackstone Group, regarding a possible cash offer of 542 pence per share for the entire issued and to be issued share capital of St. Modwen.
The possible offer follows a series of unsolicited proposals received from the Blackstone Funds.
The possible offer represents a premium of approximately 21.1% to St. Modwen's closing share price of 448 pence on 6 May 2021; 33.7%. to the volume-weighted average St. Modwen share price of 405 pence over the 90-day period ending on 6 May 2021; 37.2% to the volume-weighted average St. Modwen share price of 395 pence over the 180-day period ending on 6 May 2021; and 23.8% to St. Modwen's reported 2020 EPRA Net Tangible Assets Per Share of 438 pence.
The board of St. Modwen has indicated to Blackstone that the possible offer is at a value the board would be willing to recommend unanimously.
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.
A further announcement will be made as appropriate, the board of the firm stated.
Story provided by StockMarketWire.com
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