(Sharecast News) - 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 a 10.8% premium to UKCP's 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".
Phoenix Life and Investec Wealth & Investment UK - which hold 56.5% of UKCP - have indicated they will accept the offer on current terms, it added.
Reporting by Frank Prenesti for Sharecast.com
Tritax Big Box (BBOX)