St Modwen’s share price closed at 557p, just under the revised offer of 560p from Blackstone as investors backed the take-private.
The price climbed 1.09% during trading, following the new offer from Blackstone, which valued the company at £1.27bn.
Activist investors bemoaned the private equity firm’s previous offer at 542p claiming it “sold all shareholders short”. Today, investors representing 32.9% of the company have said they will vote in favour of the offer.
Elsewhere, AEW UK REIT nudged up 0.6% to 95.5p following strong performance with NAV and pre-tax profit climbs for the year to the end of March.
Housebuilder Crest Nicholson rose 1.1% to 435.2p, after a hike in revenue saw it upgrade its earnings guidance.
The FTSE 100 was up 0.5% to 7,110 and the FTSE 250 dipped 0.7% ending the day at 22,510.
To send feedback, e-mail emma.rosser@eg.co.uk or tweet @EmmaARosser or @EGPropertyNews
