Blackstone has agreed terms for a final offer for Industrials REIT.
Blackstone will acquire the company at a price that values it £700m, inclusive of debt.
Industrials REIT shareholders would receive 168p per ordinary share in cash, under the terms of the final offer.
The final offer represents a premium of 42.4% to Industrials REIT’s closing price of 118p per share on 31 March 2023, and a 40.6% premium to its one-month volume weighted average share price of 119.5p.
The board has indicated to Blackstone that it intends to recommend the offer to shareholders, should Blackstone make a statement of a firm intention to make an offer.
The final offer is not subject to a financing precondition.
The directors of Industrials REIT are set to reap £31.5m between them by selling 18,707,810 shares, representing approximately 6.3%.
Blackstone and Industrials REIT expect to announce a firm intention to make an offer by 14 April 2023.
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