Private equity firm Blackstone Group has made a potential takeover offer worth £1.2 billion ($1.68 billion) for UK-based developer St Modwen Properties.
St Modwen Properties, a FTSE 250 company, said Friday it has received a non-binding conditional proposal from Blackstone funds advised by affiliates of Blackstone regarding a possible cash offer of 542 pence per share for the entire issued and to be issued share capital of St. Modwen.
St Modwen said the possible offer follows a series of unsolicited proposals received from the Blackstone funds.
”Having considered the possible offer, the board of St. Modwen has indicated to Blackstone that the possible offer is at a value the board would be willing to recommend unanimously, should a firm intention to make an offer pursuant to Rule 2.7 of the Code be announced on such terms. The possible offer is subject to a number of pre-conditions, including the satisfactory completion of confirmatory due diligence which is currently underway by Blackstone. St. Modwen and Blackstone are working closely together to complete Blackstone’s confirmatory due diligence as soon as practicable. Blackstone has confirmed that the possible offer is not subject to any financing pre-condition,” said the company in a statement.