Warehouse REIT opts for Blackstone's Offer, shuts door on Tritax

Warehouse REIT has abandoned a previously recommended offer from Tritax Big Box in favour of a revised bid from Blackstone, which is valued at approximately £489 mln (€567 mln).

Warehouse REIT

On June 4, Wapping Bidco, an affiliate of Blackstone Inc., announced an agreement to acquire Warehouse REIT in an all-cash deal.
Tritax Big Box REIT (BBOX) and Warehouse REIT made a counter offer on June 25th, proposing to acquire Warehouse REIT through a cash and share deal.
Wapping Bidco increased its offer on July 10th, making it conditional on receiving acceptances for more than 50% of the shares.
A day later, Warehouse REIT's Independent Directors withdrew their support for the BBOX offer and recommended that shareholders accept the increased Blackstone offer instead.
On August 22, BBOX announced that its offer was final and would not be increased.
On the same day, Wapping Bidco announced it had secured enough shares to trigger a mandatory cash offer under UK takeover rules. As of August 26, Wapping Bidco either owned or had commitments for approximately 34.33% of Warehouse REIT's shares.
BBOX has since confirmed it will not pursue its offer, and the Warehouse REIT board has consented to the Panel on Takeovers and Mergers releasing BBOX from its obligation to proceed.