Friday 7 May 2021 8:00 am

Blackstone makes £1.2bn offer for property developer St Modwen

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.