By Ian Walker

St. Modwen Properties PLC said Thursday that has agreed to a 1.24 billion-pound ($1.75 billion) takeover from Blackstone Group Inc.

Under the offer, accepting shareholders of the U.K. property investor and developer will get 542 pence in cash for each share held, as previously flagged on May 7. The offer price is a 21% premium to St. Modwen's closing share price of 448 pence on May 6.

On May 7, St. Modwen said it had received the offer after a series of unsolicited proposals and that it was minded to recommend it to shareholders.

"We believe this offer is in the best interests of St. Modwen shareholders and significantly accelerates the value that could be realized by St. Modwen if it were to remain independent," Chairman Danuta Gray said.

The offer is being made through Brighton Bidco Ltd., a new company indirectly owned by investment funds advised by Blackstone.

Write to Ian Walker at ian.walker@wsj.com

(END) Dow Jones Newswires

05-20-21 0245ET