Tritax Big Box Ends Warehouse REIT Bidding, Auction Cancelled

Tritax Big Box REIT (BBOX) has finalized its £485.2 million cash and share offer for Warehouse REIT, deciding not to increase its bid despite a higher competing offer from US investment firm Blackstone. BBOX stated that raising the financial terms would not be in the best interests of its shareholders, though it still believes a combination with Warehouse represents a compelling proposition. Warehouse REIT had initially recommended BBOX's offer but later switched its backing to Blackstone's improved bid, which includes a higher cash consideration and the right to retain Warehouse's interim dividend. The UK Takeover Panel had prepared an auction framework to resolve the bidding contest, but this was canceled after BBOX confirmed it would not raise its offer. Blackstone's offer has received acceptances from a small percentage of Warehouse shareholders, and the takeover battle continues with Blackstone positioned as the likely winner. Both BBOX and Warehouse shares have shown modest market movements amid the ongoing deal developments.