St. Modwen and Blackstone granted deadline extension for takeover documents

St. Modwen Properties confirmed on Wednesday that an extension to certain steps of its takeover by Blackstone had been granted, as a scheme document for shareholders was finalised.

The FTSE 250 company announced on 20 May that it had reached agreement with Blackstone vehicle Brighton Bidco on the terms of a recommended all-cash offer by for St. Modwen, via a scheme of arrangement.

On Wednesday, St. Modwen said it expected that the scheme document would be posted to shareholders no later than 25 June, following completion of the documentation.

“Accordingly, St. Modwen and Brighton Bidco have sought, and the Panel on Takeovers and Mergers has granted, an extension to the deadline for posting the scheme document, which would otherwise have fallen 28 days from the announcement,” the board explained in its statement.

At 0941 BST, shares in St. Modwen Properties were down 0.18% at 544.04p.