Industrials REIT Shares Jump on Proposed $615 Million Blackstone Takeover -- Update

By Ian Walker

Shares of Industrials REIT Ltd. rose as much as 39% on Monday after the company said 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.

Including debt, the enterprise value of the deal is GBP700 million.

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

Shares at 0757 GMT were up 44.0 pence, or 37%, at 162.0 pence, having peaked at 164.30 pence earlier in the session.

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

(END) Dow Jones Newswires

April 03, 2023 04:23 ET (08:23 GMT)

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