US investment giant Blackstone has submitted an improved offer to acquire the entire issued and to be issued ordinary share capital of Warehouse REIT.
Last month, the boards of Tritax Big Box REIT (BBOX) and Warehouse REIT announced they had agreed the terms of a £485.2m cash and share deal, which would see BBOX acquire Warehouse REIT.
BBOX’s proposed deal, which would entitle Warehouse REIT shareholders to quarterly dividends due in July and October, implies a total value of 114.2p for each Warehouse REIT share held.
Blackstone’s revised terms include an increase in the cash consideration to 113.4p and the inclusion of the right for shareholders to receive and retain Warehouse REIT’s fourth interim dividend of 1.6p per share, which is expected to be paid later this month.
Earlier today, Blackstone subsidiary Wapping Holdings also agreed to acquire 44,581,867 Warehouse REIT shares, representing approximately 10.49% of the issued share capital of the REIT at a price per share equal to the Blackstone’s increased cash consideration.
The Warehouse REIT board said it was “reviewing the revised terms of the Blackstone offer with its advisers and will continue to engage in extensive shareholder discussions”.
