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Unite Group PLC on Thursday said its possible offer for Empiric Student Property PLC would create a group with enhanced scale and growth aligned to the UK’s strongest universities. In a statement late Thursday, Unite confirmed it had made a £719 million cash and share bid approach for Empiric. Both companies own and operate student accommodation in the UK. Empiric is based in London and Unite in Bristol. 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. Unite confirmed that on the basis of the possible offer, Empiric has agreed to enter a period of due diligence. Unite said the addition of Empiric’s ‘high quality, complementary portfolio would create a combined group with enhanced scale and growth aligned to the UK’s strongest universities.’ ‘With the potential synergies that could be unlocked by Unite’s operating platform, the possible offer has the potential to deliver accretion to earnings and shareholder returns while maintaining balance sheet strength,’ it added. Empiric earlier on Thursday said it received an initial offer from Unite on May 7, followed by a revised offer on Thursday last week. Shares in Empiric closed up 6.7% at 103.80p in London on Thursday, giving it a market capitalisation of £689.4 million. Unite closed down 2.2% at 837.00p each for a market cap of £4.10 billion. Unite has until July 3 to make a firm intention to bid for Empiric Student Property. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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