(Alliance News) - Industrials REIT Ltd on Tuesday said a court had sanctioned the takeover of the group by Blackstone Inc, paving the way for the delisting of the property firm in London and in Johannesburg.
Following the Guernsey court hearing held on Tuesday, the London-based real estate investment trust said the acquisition will become effective on Wednesday.
The Guernsey court had sanctioned the deal on Tuesday, it said.
"Pursuant to the scheme court order granted today, the scheme shall become effective on delivery of the scheme court order to the Guernsey registry which is scheduled to be tomorrow, June 21, 2023," the group said.
Back in April, Sussex Bidco LP offered to buy Industrials for 168 pence per share. The Jersey-based Sussex Bidco is owned indirectly by investment funds advised by the New York-based investment management company Blackstone.
Industrials has said this offer valued the group at around GBP511.2 million on a fully diluted basis. Blackstone has told the total enterprise valuation, including debt and other liabilities, is GBP700 million.
Industrials said on Tuesday it had applied to the London Stock Exchange, where it has a primary listing, for the suspension of trading in its shares on Wednesday. It expects the delisting from the LSE on Thursday.
The company also said the Johannesburg Stock Exchange will initiate the termination of the secondary listing of Industrials shares after the acquisition becomes effective on Wednesday.
It said the last day of dealings in its shares on the JSE will be Tuesday, with the suspension taking effect on Wednesday. The delisting from the JSE is expected to take effect by Tuesday next week.
Industrials shareholders approved the Blackstone offer late last month.
By Artwell Dlamini, Alliance News reporter
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