By Ian Walker

 

Industrials REIT Ltd. said Monday that it has agreed to a possible 498.7 million pound ($615.1 million) takeover from Blackstone Inc. that it would recommend to shareholders if a formal proposal is made.

Under the proposal, accepting shareholders of the U.K. multilet industrial property company would get 168 pence for each share held. The proposed price is a 42% premium to Friday's closing price of 118.0 pence.

Blackstone has until May 1 to either make a formal proposal or walk away under U.K. takeover panel rules.

 

Write to Ian Walker at ian.walker@wsj.com

 

(END) Dow Jones Newswires

April 03, 2023 03:15 ET (07:15 GMT)

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