Blackstone’s £1.3bn offer is latest example of cash-rich foreign investors swooping on UK firms
Property developer St Modwen has accepted an increased offer from US investor Blackstone that values the company at £1.3bn, in the latest example of a private equity swoop for a mid-sized British firm.
St Modwen has agreed to a price of 560p per share in a final offer from Blackstone’s vehicle. The bid was 25% above the share price of 448p per share on the day before New York-based Blackstone’s interest was first revealed in early May. Shares rose 0.5% on Thursday morning to 554p.
