St Modwen Properties said on Friday that US alternative investment company Blackstone has offered 542p a share in cash for the group.
The offer represents a 21.1% premium to Modwen’s closing share price on Thursday. It follows a series of unsolicited proposals received from the Blackstone Funds.
St Modwen said its board of directors has indicated to Blackstone that the offer “is at a value the board would be willing to recommend unanimously” once it becomes firm, after due diligence has been completed.
“St Modwen and Blackstone are working closely together to complete Blackstone’s confirmatory due diligence as soon as practicable,” it said, adding that Blackstone has confirmed that the possible offer is not subject to any financing pre-condition.
“A further announcement will be made as appropriate,” St Modwen said.
