Business
Warehouse REIT PLC - No Increase Statement
Tritax Big Box REIT plc (BBOX) announced on August 22, 2025, that it will not increase its cash and share offer for Warehouse REIT plc. BBOX's offer, initially announced on June 25, 2025, was superseded by a higher cash offer from Wapping Bidco Ltd on July 10, 2025, leading Warehouse's Independent Directors to recommend Wapping Bidco's offer on July 11, 2025. The Panel set an auction deadline of August 25, 2025, for revised offers. BBOX's decision makes its offer final, as the board believes increasing the offer is not in the best interest of BBOX shareholders. BBOX remains committed to disciplined capital allocation and will continue to evaluate mergers and acquisitions alongside organic growth opportunities. Disclaimer*
About this update from Tritax Big Box Reit Plc
[{"type":"text","content":"\n\nNOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM THE UNITED STATES OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION.\n \nTHIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION. UPON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.\n \nFOR IMMEDIATE RELEASE\n \n22 August 2025\n \nCASH AND SHARE OFFER UPDATE FOR\n \nWAREHOUSE REIT PLC\n \nBY\n \nTRITAX BIG BOX REIT PLC\n \nNo Increase Statement\n \n \nFurther to the announcement made by Tritax Big Box REIT PLC (\"BBOX\") and Warehouse REIT PLC (\"Warehouse\") on 25 June 2025 (the \"BBOX Offer Announcement\") setting out the terms of a recommended cash and share offer (the \"BBOX Offer\") for the entire issued share capital of Warehouse (the \"Acquisition\"), BBOX today provides an update on the terms of the BBOX Offer.\n \nOn 10 July 2025, Wapping Bidco Ltd (\"Wapping Bidco\") announced, and posted an offer document in respect of, an increased cash offer, and switch to a contractual offer, for the entire issued share capital of Warehouse (the \"Wapping Bidco Offer\"), with the Warehouse Independent Directors subsequently switching their recommendation from the BBOX Offer to the Wapping Bidco Offer on 11 July 2025.\n \nOn 1 August 2025, the Panel published Panel Statement 2025/11 regarding the competitive situation between BBOX and Wapping Bidco in relation to the Acquisition which provided that, for the purposes of Note 2(a)(i) on Rule 32.5 of the Takeover Code, unless the Panel Executive consented otherwise, the latest date on which either BBOX or Wapping Bidco could announce a revised offer for Warehouse was 25 August 2025 (being the 46th day following the publication of the Wapping Bidco Offer document).\n \nOn 19 August 2025, as per Appendix 8 of the Code, the Panel published the rules that set out the auction procedure between BBOX and Wapping Bidco for Warehouse. The auction was set to commence on 26 August 2025 and run for a maximum of 5 business days.\n \nBBOX today confirms that it will not be increasing the financial terms of the BBOX Offer for the entire issued share capital of ...