St Modwen Properties PLC - Birmingham-based property investor and developer - Says the High Court of Justice of England and Wales has sanctioned the scheme of arrangement for its acquisition by Brighton Bidco Ltd, indirectly owned by Blackstone Group Inc. Expects shares to be suspended from trading by August 6 and de-listed by August 9.
This follows an agreement of takeover by Brighton Bidco of St Modwen Properties announced on June 24, when Blackstone made an increased final offer for St Modwen of GBP1.27 billion, after its first bid received a lukewarm reception from some analysts and investors. Previously noted that the majority of shareholders voted in favour of the final takeover bid from Blackstone.
Current stock price: 559.00 pence, up 0.2% on Wednesday afternoon
Year-to-date change: up 40%
By Scarlett Butler; scarlettbutler@alliancenews.com
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