By Anthony O. Goriainoff
Warehouse REIT said the deadline for Blackstone Europe to make a formal offer for the company or walk away has been extended to May 12 so the parties can continue talks.
The London-listed real-estate investment trust said Monday that this will give Blackstone Europe additional time to finalize its due diligence.
Warehouse REIT said in late March that the board would recommended BE's proposed 489 million pound ($651 million) takeover to shareholders if a formal offer was made. On March 25, BE made a final indicative proposal of 115.0 pence a share for the company. The price was a premium of nearly 40% to Warehouse REIT's closing price of 82.4 pence on Feb. 28, prior to the initial offer.
The investment trust said that there couldn't be any certainty that a firm offer would be made by BE or any other party.
The companies said the deadline may be extended further with the consent of the U.K.'s Panel on Takeovers and Mergers.
Write to Anthony O. Goriainoff at anthony.orunagoriainoff@dowjones.com
(END) Dow Jones Newswires
April 28, 2025 02:34 ET (06:34 GMT)
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