Blackstone mulling improved offer for Warehouse REIT after rival Tritax bid

(Sharecast News) - Warehouse REIT said on Tuesday that Blackstone has withdrawn its no-increase statement on its £486m cash offer, after Tritax Big Box REIT made a rival bid combining cash and shares. Blackstone's vehicle, Wapping Bidco, previously declared its offer final at 32p per share, except in limited circumstances.

That restriction had now been lifted after Tritax made a firm offer comprising 47.2p in cash and 0.4236 new Tritax shares for each Warehouse share, representing a materially higher value than Blackstone's initial bid.

"Bidco confirms that ... the no increase statement regarding its final offer price is no longer in effect and has been set aside following the announcement of a firm intention to make an offer for Warehouse by BBOX," Blackstone said in a statement.

It said it was now considering its options and urged Warehouse shareholders to take no action at this stage.

At 0927 BST, shares in Warehouse REIT were up 1.24% at 114.4p.

Reporting by Josh White for Sharecast.com.