CANBERA (dpa-AFX) - Warehouse REIT announced its switch of recommendation in response to increased Blackstone offer. Under the terms of the increased Blackstone offer, Warehouse REIT shareholders will be entitled to receive 113.4 pence in cash per share. Also, Warehouse REIT shareholders will be entitled to receive and retain the Warehouse July dividend. The total transaction value of the increased Blackstone offer is 115.0 pence per Warehouse share.
The Warehouse Independent Directors have withdrawn their recommendation that Warehouse shareholders vote in favour of the BBOX Offer, and recommended unanimously that Warehouse shareholders accept the increased Blackstone offer. On 25 June 2025, the boards of Tritax Big Box REIT plc and Warehouse REIT announced that they had reached agreement on the terms of a recommended cash and share offer pursuant to which BBOX will acquire the entire issued and to be issued ordinary share capital of Warehouse.
Neil Kirton, the Chair of Warehouse REIT, said: 'The Warehouse Independent Directors have carefully evaluated both offers. The Increased Blackstone offer provides Warehouse REIT shareholders with a certain all-cash offer, at a premium to the BBOX offer, which comprises a mixed consideration of new BBOX shares and cash, and the Warehouse Independent Directors now switch their recommendation in favour of the Increased Blackstone offer accordingly.'
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