Business
Rule 2.8 Announcement
Blackstone Europe LLP confirms it does not intend to make an offer for Big Yellow Group PLC, following Big Yellow's announcement that discussions have concluded without a basis for continuation and that the put-up or shut-up deadline of 8 December 2025 will not be extended. Consequently, Blackstone and its concert parties are now subject to the restrictions under Rule 2.8 of the City Code on Takeovers and Mergers, with specific exceptions allowing them to set aside these restrictions under certain circumstances, such as agreement from Big Yellow's board or the announcement of a competing offer by a third party. Disclaimer*
About this update from Big Yellow Group Plc
[{"type":"text","content":"\n\nNOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION\nTHIS IS AN ANNOUNCEMENT FALLING UNDER RULE 2.8 OF THE CITY CODE ON TAKEOVERS AND MERGERS (THE \"CODE\")\nFOR IMMEDIATE RELEASE\n5 December 2025\nNo intention to make an offer for Big Yellow Group PLC (\"Big Yellow\")\nOn 4 December 2025, Big Yellow announced that it had concluded there was no basis to continue discussions with Blackstone Europe LLP (\"Blackstone\") and that it intended not to extend the put-up or shut-up deadline of 8 December 2025. \nBlackstone confirms that it is not intending to make an offer for Big Yellow. Accordingly, Blackstone and any person acting in concert with it, except with the consent of the Panel on Takeovers and Mergers (the \"Panel\"), is bound by the restrictions under Rule 2.8 of the Code.\nUnder Note 2 on Rule 2.8 of the Code, Blackstone, and any person acting in concert with Blackstone, reserves the right to set the restrictions in Rule 2.8 aside in the following circumstances:\na) with the agreement of the board of Big Yellow;\nb) if a third party announces a firm intention to make an offer for Big Yellow;\nc) if Big Yellow announces a Rule 9 waiver (see Note 1 of the Notes on Dispensations from Rule 9) or a reverse takeover (as defined in the Code); or\nd) if there has been a material change of circumstances (as determined by the Panel).\n \nEnquiries: \n\n\n\n\nBlackstone\nDafina Grapci-Penney\n\n\n+44 75 5367 3528\n \n\n\n\n\nRothschild & Co (Financial Adviser to Blackstone)\nAlex Midgen\nSam Green\n\n\n+44 20 7280 5000\n\n\n\n\nImportant notice related to financial adviser\nN.M. Rothschild & Sons Limited (\"Rothschild & Co\"), which is authorised and regulated by the Financial Conduct Authority in the United Kingdom, is acting exclusively for Blackstone and for no one else in connection with the subject matter of this announcement and will not be responsible to anyone other than Blackstone for providing the protections afforded to its clients or for providing advice in connection with the subject matter of this announcement.\nRule 26.1 disclosure\nIn accordance with Rule 26.1 of th...