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    SMP   GB0007291015

ST. MODWEN PROPERTIES PLC

(SMP)
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St Modwen Properties : Blackstone raises buyout offer for Britain's St. Modwen Properties to $1.75 billion

06/24/2021 | 02:41am EDT
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

(Reuters) - Private equity firm Blackstone Group has sweetened its buyout offer for St. Modwen Properties to 1.25 billion pounds ($1.75 billion), the companies said on Thursday, adding that the London-listed firm was backing the latest proposal.

The 560 pence per share cash offer for St. Modwen is the final offer, the companies said, adding that Blackstone could make another proposal if another suitor for St. Modwen emerged.

Last month, Blackstone put forward a 542 pence per share takeover proposal, after the U.S.-based company had made a series of overtures to the British real estate developer.

The latest offer is at a premium of about 25% to St. Modwen's closing price the day before the first offer was made in May. The company builds homes, owns and manages several industrial and logistics assets in Britain.

($1 = 0.7162 pounds)

(Reporting by Pushkala Aripaka in Bengaluru; Editing by Shounak Dasgupta)


ę Reuters 2021
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Financials
Sales 2021 39,6 M 54,4 M 54,4 M
Net income 2021 74,8 M 103 M 103 M
Net Debt 2021 324 M 445 M 445 M
P/E ratio 2021 15,9x
Yield 2021 1,51%
Capitalization 1 240 M 1 706 M 1 705 M
EV / Sales 2021 39,5x
EV / Sales 2022 33,5x
Nbr of Employees 600
Free-Float 80,6%
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Mean consensus OUTPERFORM
Number of Analysts 5
Last Close Price 558,00 GBX
Average target price 538,60 GBX
Spread / Average Target -3,48%
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Managers and Directors
Sarwjit Sambhi Chief Executive Officer & Director
Robert Jan Hudson Chief Operating Officer, CFO & Executive Director
Danuta Gray Non-Executive Chairman
Ian Alan Bull Senior Independent Director
Jenefer Dawn Greenwood Independent Non-Executive Director