Tritax Big Box REIT (BBOX) has confirmed that it does not intend to increase the terms of its £485.2m cash and share offer for Warehouse REIT.
In June, the boards of BBOX and Warehouse REIT agreed a deal which would see BBOX pay 114.2p for each Warehouse REIT share held.
However, last month US investment giant Blackstone submitted an improved offer. Its terms included 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.
In a statement, BBOX said it would not be increasing the financial terms of the offer, which was now final.
“While the board of BBOX continues to believe that a combination of BBOX and Warehouse represents a compelling proposition for both sets of shareholders, it does not believe that increasing the financial terms would be in the interests of BBOX shareholders,” the statement continued.
The company added: “BBOX and its board will continue to assess any M&A opportunities alongside its organic opportunities to ensure that capital is appropriately and most efficiently allocated.”
