Tritax EuroBox plans to adjourn a meeting at which shareholders could vote on a takeover of the company by SEGRO.
The company agreed the terms of a deal with SEGRO in September. Under the terms of that transaction, Tritax shareholders would receive 0.0765 SEGRO shares for each Tritax share. But earlier this month, Brookfield made its own £557m cash offer for Tritax.
The Tritax board has now switched its recommendation, arguing that Brookfield’s cash offer “would provide increased certainty for Tritax EuroBox shareholders as compared to continued market risk between now and completion for the SEGRO offer”.
A shareholder circular for the SEGRO deal was published on 26 September, with a court meeting and general meeting set for 24 October. In a stock market notice, Tritax said its directors “consider it to be in Tritax EuroBox shareholders’ interests” to adjourn those meetings.
“It is therefore proposed that the court meeting and general meeting in connection with the SEGRO offer will be adjourned until further notice, pending any potential developments in relation to the SEGRO offer,” the company said.
“A further announcement will be made in due course once the meetings have been formally adjourned. It is therefore recommended that Tritax EuroBox shareholders do not attend the SEGRO meetings scheduled for 24 October 2024.”
In an earlier statement, SEGRO said its all-share offer would “enable Tritax EuroBox shareholders to retain exposure to the European industrial and logistics sector at this point in the cycle, in the largest and most liquid REIT in Europe, or realise their position for cash given the significant liquidity in SEGRO’s shares”.
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