By Ian Walker

St. Modwen Properties PLC said Thursday that it has agreed an increased and final 1.27 billion pound ($1.77 billion) cash offer from Blackstone Group Inc.

Under the offer, accepting shareholders of the U.K. property investor and developer will get 560 pence a share, a 3.3% premium to the 542 pence price agreed on May 20.

The St. Modwen directors said that they believe the new offer is in the best interest of shareholders as a whole and recommend they vote in favor of the deal at the court and general meetings.

Shares at 0719 GMT were up 2.0 pence, or 0.4%, at 553.0 pence.

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

(END) Dow Jones Newswires

June 24, 2021 03:39 ET (07:39 GMT)

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