UK's St. Modwen Properties gets $1.68 billion potential offer from Blackstone

FILE PHOTO: The ticker and trading information for Blackstone Group is displayed at the post where it is traded on the floor of the New York Stock Exchange (NYSE) April 4, 2016. REUTERS/Brendan McDermid/File Photo

(Reuters) – St. Modwen Properties said on Friday private-equity firm Blackstone Group had made a potential takeover offer, valuing the British property developer at around 1.21 billion pounds ($1.68 billion).

The London-listed company said the possible offer of 542 pence per share in cash was at a premium of about 21% to the stock’s last close.

St. Modwen, which has operations in England and South Wales, said its board would be willing to recommend the proposal unanimously should Blackstone make a firm offer at that price by the June 4 deadline.

Blackstone is currently performing due diligence as the possible offer is subject to certain pre-conditions, it said.

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