London-based logistics investor Tritax EuroBox has extended the deadline for Brookfield Asset Management to either confirm their intention to make a formal offer or announce that they will not proceed with an acquisition.
The new deadline is 26 August at 17:00 UK time. The Board of Tritax EuroBox may extend the deadline with the approval of the Takeover Panel.
The Canadian private equity firm announced in June it was in the ‘early stages’ of assessing a potential cash offer for the entire issued share capital of Tritax EuroBox.
Tritax EuroBox also said it is actively negotiating with several potential buyers who have expressed interest in acquiring the company, including Brookfield Asset Management.
On 1 June, Tritax EuroBox has received a special dispensation from the Takeover Panel allowing them to avoid disclosing the identities of potential buyers unless their names have been publicly mentioned in rumours or speculation.
There is no assurance that Brookfield or any other company will make a formal offer to acquire Tritax EuroBox, while the terms of any potential offer are uncertain. Shareholders have been advised not to take any action.
Tritax Eurobox has £1.5 bn (€1.8 bn) of total assets under management in Spain, Germany, The Netherlands, Belgium and Italy. The company has a market cap of around £484 mln (€571 mln).
Tritax Eurobox is the most recent REIT to face takeover interest or agree to a merger in 2024. Abrdn Euro Logistics Income, recently announced plans to wind down its operations after a strategic review. This follows a similar move by Abrdn Property Income after its proposed merger with Custodian Property Income was rejected by shareholders. LondonMetric recently spent £1.9 bn (€2.2 bn) to acquire LXi. Earlier this year, Eurobox’s sister fund Tritax Big Box acquired UK Commercial Property.
