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Empiric Student Property PLC on Thursday confirmed it has received a non-binding takeover proposal from larger peer Unite Group PLC that values Empiric at more than £700 million. Both companies own and operate student accommodation in the UK. Empiric is based in London and Unite in Bristol. Empiric said received an initial offer from Unite on May 7, followed by a revised offer on Thursday last week. The offer from Unite comprises 30 pence in cash and 0.09 of a new Unite share for each Empiric share. This values each Empiric share at 107.0p, based on Unite’s closing share price of 855.5p on Wednesday, and values Empiric’s entire share capital at around £710.6 million. Shares in Empiric were up 6.7% at 103.80p in London on Thursday afternoon, giving it a market capitalisation of £689.4 million. Unite shares were down 2.5% at 834.50p each for a market cap of £4.08 billion. Empiric said it has agreed with Unite to enter an initial period of due diligence, and says further announcements will be made ‘as appropriate’. Empiric noted there was no certainty that an offer will be made, and said its statement on Thursday was made without the consent of Unite. Unite released no statement about the offer by mid-afternoon Thursday. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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