The UK Takeover Panel has confirmed that the planned auction process to resolve the competitive bidding for Warehouse REIT will not proceed, after Tritax Big Box REIT (BBOX) announced it would not increase the terms of its existing offer.
On 19 August 2025, the Panel Executive issued Statement 2025/12 establishing an auction framework under Rule 32.5 of the Takeover Code, designed to resolve the contest between BBOX and Wapping Bidco Ltd, a newly formed company indirectly owned by investment funds advised by Blackstone affiliates.
However, BBOX announced earlier today that it would not raise its cash and share proposal, originally set out on 25 June 2025. As a result, the auction mechanism outlined by the Panel will no longer take place.
The Takeover Panel said a further announcement regarding the offer timetable, including the Day 60 deadline, will be made in due course if required.
Warehouse remains the subject of a recommended cash offer from Wapping Bidco, which received the backing of the company’s independent directors in July.
