Private equity firm Blackstone and British property investment and development group St Modwen have been granted an extension to finalise a £1.2bn takeover deal.
In a statement today St Modwen said it had reached an agreement on the terms of the takeover bid by Brighton Bidco, a newly former company of funds advised by Blackstone.
The deal, first announced last month, will see the private equity giant pay 542p per share for the FTSE 250 developer — a 21 per cent premium to its closing price on 6 May.
St Modwen said it had secured an extension from the Panel on Takeovers and Mergers on the deadline for posting the scheme document related to the deal.
It now expects to deliver the document to shareholders by no later than 25 June.
The deal is the latest real estate investment by Blackstone, which owns Sage Housing and earlier this year snapped up Butlins owner Bourne Leisure.
Overall the private equity giant has $196bn of assets under management dedicated to real estate.
Birmingham-based St Modwen, which was founded in 1966, has a portfolio worth £1.4bn across England and Wales.
Half its portfolio by value is focused on industrial and logistics assets, while the remainder is dedicated to housebuilding and regeneration projects.