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Warehouse REIT PLC on Thursday said it would be minded to accept suitor Blackstone Inc’s latest takeover proposal, should a firm offer be made. A final indicative proposal of 115 pence from Blackstone Europe LLP, announced on Tuesday, valued the London-listed industrial warehouse investor at £489 million. The bid includes a Warehouse third interim dividend of 1.6p per share. Warehouse REIT shares traded 1.9% higher at 108.39p on Thursday morning. It has a market capitalisation of £459.7 million. Warehouse REIT said it was evaluating the sweetened bid, which was a 40% premium to its closing price of 82.4p at the end of February, before it entered an offer period. Earlier this month, Warehouse REIT rejected a cash bid from a consortium comprising Sixth Street Luxembourg Sarl and Blackstone Europe that had valued it at £463 million. Blackstone said on Tuesday that the terms of the final bid were a ‘highly deliverable and compelling alternative to shareholders’. Warehouse REIT said Thursday: ‘Having carefully considered the final indicative proposal with its advisers and consulted with the company’s major shareholders extensively following the announcement of a possible offer on 3 March 2025, the Warehouse REIT board has indicated to Blackstone that, should a firm offer be made on the financial terms set out above, it would be minded to recommend such an offer to Warehouse REIT shareholders, subject to the agreement of the other terms of the offer. ‘Accordingly, the board has decided to engage in discussions with Blackstone in relation to these terms and to allow Blackstone to complete a limited period of confirmatory due diligence.’ Sixth Street Partners LLC said it does not plan to make an offer for Warehouse REIT, be it in consortium or alone, Blackstone had noted on Tuesday. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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