Industrials REIT Agrees to $640 Million Blackstone Takeover
April 14 2023 - 03:14AM
Dow Jones News
By Ian Walker
Industrials REIT Ltd. said Friday that it has agreed to a 511.2
million-pound ($640.2 million) takeover by Sussex Bidco LP, a new
company indirectly owned by Blackstone Inc.
Under the deal, accepting shareholders of the U.K. multilet
industrial-property company will get 168 pence in cash as indicated
earlier this month. The offer price is a 42% premium to the
company's closing price of 118.0 pence on March 31, the day before
the company said it would recommend the deal if a formal offer was
made.
The company said on April 3 that including debt, the enterprise
value of the deal was GBP700 million.
The offer is final and won't be increased, the companies said in
a joint statement.
"We believe this offer is in the best interests of Industrials
shareholders providing them with cash certainty at an attractive
premium to the pre-offer share price and significantly accelerating
the value that could be realized by Industrials if it were to
remain listed," Chairman Richard Grant said.
Write to Ian Walker at ian.walker@wsj.com
(END) Dow Jones Newswires
April 14, 2023 02:59 ET (06:59 GMT)
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