St Modwen Properties receives GBP1.2bn offer from Blackstone

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St. Modwen Properties PLC (LON:SMP) has received a takeover approach from US investment giant Blackstone that values the FTSE 250 group at about GBP1.2bn.


The mooted offer of 542p per share is around a 21% premium to the closing price last night and directors of St Modwen said that if Blackstone makes a formal approach at that level they would likely recommend it.


St Modwen added that the offer is the latest in a series of unsolicited approaches from the US fund manager and is a premium of 24% to its latest published net asset value of 438p.


The group is a regeneration specialist with projects such as New Covent Garden among its portfolio though last year it ran into problems with two residential sites in Wales.

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