Warehouse REIT Considers Backing Blackstone's $632 Million Bid
(Reuters) -UK's Warehouse REIT said on Thursday it could recommend Blackstone's 489 million-pound ($631.5 million) final all-cash takeover proposal if the asset manager comes up with a firm offer.
Earlier this week, the warehousing specialist said it was evaluating the 115 pence-per-share proposal, which was a 4% increase from the previous one made jointly by Blackstone and global investment firm Sixth Street Partners.
Sixth Street Partners on Tuesday confirmed its decision to not make an offer for the real estate firm.
The current bid represents a premium of 39.6% to the Warehouse REIT's closing stock price on February 28, the day before the initial bid was made, and incorporates the real estate firm's third interim dividend payout of 1.6 pence per share.
The company received an initial proposal from the consortium on January 13 followed by three sweetened bids, all of which it rejected.
($1 = 0.7744 pounds)
(Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Sonia Cheema)
