LONDON (dpa-AFX) - UK-based real estate developer St. Modwen Properties PLC (SMP.L) reached an agreement for recommended all cash offer by Blackstone-owned Brighton Bidco Limited, at 542 pence per share in cash. The acquisition values St. Modwen's entire issued ordinary share capital at approximately £1.237 billion.
This offer price represents a premium of approximately 21.1 percent to the Closing Price of 448 pence on May 6, 2021.
Earlier on May 7, 2021, St. Modwen Properties announced it received a non-binding conditional proposal from Blackstone at 542 pence per share.
St. Modwen Properties said its Board believes that this acquisition is in the best interests of its shareholders by significantly accelerating the value that could be realised independently.
St. Modwen also revealed receipt of multiple proposals from Blackstone negotiated over an approximately 10 week period since its preliminary results announcement in February 2021.
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