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Robert.Jervis_43227 May 07

St Modwen to be acquired?

blackstone
St Modwen to be acquired?
Blackstone makes £1.2bn bid for developer
Investment giant Blackstone is on the verge of buying developer St Modwen
 
The private equity firm has made a cash offer of 542p per share valuing the company at around £1.2bn.
 
The offer represents a 21.1% premium on St. Modwen’s closing share price of 448p on 6 May.
 
The Board of St. Modwen has indicated to Blackstone that the offer is at a value it would recommend unanimously to shareholders.
 
Both sides are now working on further details and “a further announcement will be made as appropriate.”

Funds advised by Blackstone are the majority owners of Clarion Events - the organiser of Multimodal