Blackstone makes £1.2bn offer for property developer St Modwen
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Property developer St Modwen today said that private equity firm Blackstone had made a potential takeover offer, valuing the British firm at around £1.2bn.
The London-listed company said the possible cash offer of 542p per share was a premium of about 21 per cent to the stock’s last close.
St Modwen Properties said its board would be willing to unanimously recommend the proposal should Blackstone make a firm offer at that price by 4 June.
Center Parcs owner Blackstone is currently performing due diligence as the possible offer is subject to certain pre-conditions, the company said.