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Tritax Big Box Reit (BBOX) has been granted a two-week extension to finalise or withdraw the all-share merger offer for UK Commercial Property (UKCM) it made last month.
Under Takeover Panel rules, Tritax was supposed to have announced a firm intention to make an offer or state that it did not intend to by 5pm on Friday. However, the board of UKCM and the panel have agreed to extend the deadline to 5pm on 22 March to enable both sides to continue due diligence.
Look decent and more or less as expected, good news is dividend increased to 2.05p
https://www.londonstockexchange.com/news-article/BBOX/dividend-declaration/16356708
Mr Market has given this deal a big raspberry. Now down 16pc since the announcement. Bored Managers do stupid things...
herds help individuals stay alive. smart ****s wandering off to do their own thing usually end up dead.
I agree. Strong buy IMHO. Wish I had spare funds to increase my holding here. Herd instinct of pis rushing to exit!
Pretty Meh either way except 1 point - merged entity would be close to FTSE 100. Getting into too 100 with include us in trackers. More pension funds etc etc and will support price upwards. So on this alone I say ‘yes’
As I don't think the premium is too high yet there is a good diversification for both. It should draw in more Funds to keep their weighting in my opinion. I think when dust settles any losses today will be recouped.
So, both at 10% discount to NAV means combined they will be at 10% discount to NAV?
Not sure this changes anything in the short term, although longer terms I imagine once rates start to decline we could see a positive impact vs do nothing.
Confirmed today by RNS.
Tritax Big Box said it had agreed terms on a possible bid for UK Commercial Property REIT in an all-share deal worth £924m.
The company on Monday said it had offered 0.444 new Tritax shares for every UKCP share, leaving it with 76.7 of the merged group and UKCM shareholders with the remainder.
It also represents q 10.8% premium to UKCPs closing share price of 64.2 pence per share on February 9.
Tritax said the boards of both companies believe the potential offer would "bring together complementary logistics-oriented investment portfolios with a shared focus on resilient and growing income".
Exclusive
More big M&A news in the listed sector via React News…
Tritax Big Box REIT plc to shake things up and create UK’s fourth largest REIT
Exclusive: Tritax Big Box agrees merger to create £4bn titan | David Hatcher
.......and the sellers have responded; today buys total .834m and sales total 1.908m and the price has risen again. C'mon sellers!
Buys total .820m, sales total 2.941m, price is up!
More sellers needed, please
Difficult to judge which are truly buys and sells. Frequently little correlation.
I have to admit that I'm getting seriously worried about the future of the LSE. Its been down I think every day bar one since Christmas Eve. A sustained steady drip down eventually becomes difficult to pull back without a series of good news and there doesnt seem to be much on the horizon. Worrying and depressing.
Buys total 3.9 mill, sales total 1.6 mill, price down 2%.......does that define an 'anamoly'?
Yep, 52 week high and getting to touching distance of last asset valuation. So from this point you have to believe the asset values will start increasing and given the way the UK economy is heading I cant see that anytime soon. To me this now looks like a fair valuation.
Seems to be back in favour or are we solving a headache for Sunak by storing unwanted goods
Whats the cause of todays pre budget slide after a promising few days?
What's with today's significant reversal? Must be some inside info circulating.
So typical these days that the day traders, rather than investors, prevent any sustained price growth.
Ex divi is today, paid on 17th Nov.
1.75p
Also divi is due tomorrow I think so ex dvi date was a couple of weeks ago.
Market starting to believe interest rates topped out?
Unsure what's triggered this big jump today. It's been in a 132-147 range for months and two weeks ago looked like it was breaking lower, now it goes ex-div today and rockets up over 10p to break the top of the range. Can only assume some news that insiders have heard or a re-rating higher by someone.
I've been buying in the 120s and selling in the 140s a few times over so happy to sell some today but still hold medium term long and confused as to why it's suddenly gone up today... if anyone is the wiser would be great to hear why!
Somebody wants to buy them is a good sign. Prologis are not exactly inexperienced in the game. and are expressing confidence.
When Private Equity sells the sector, does anyone else alarm bells ring?
Prologis to buy industrial properties from Blackstone for $3.1 billion
https://www.reuters.com/markets/deals/prologis-buy-industrial-properties-blackstone-31-billion-2023-06-26/
Received in my AJ Bell Account on 1/6/23
Check your broker account, and (this may be blindingly obvious, but to be sure), check you owned the shares before the ex-div date (11/5/23). If no cash and you did own them, chase your broker.