Blackstone to buy FTSE listed property developer for £1.2bn
Blackstone to buy FTSE listed property developer St Modwen for £1.2bn St. Modwen builds houses in the UK. US-based private equity firm Blackstone will buy property developer St. Modwen, in a deal that values the British firm at just more than £1.2bn. Directors at St. Modwen said they consider Blackstone’s offer to be fair, and as a result intend to unanimously recommend that shareholders vote in favour of the deal. Under the terms of the acquisition each St. Modwen shareholder will be entitled to receive 545 pence in per share in cash. Danuta Gray, chair of St Modwen, sa...