SLOUGH (dpa-AFX) - Titanium Ruth Bidco Limited, a newly formed company indirectly owned by one of Brookfield's real estate private funds, has agreed to acquire Tritax Eurobox plc (EBOX.L) in a deal that values Tritax Eurobox's entire issued and to be issued ordinary share capital at approximately 557 million pounds on a fully diluted basis. Based on Tritax Eurobox's net debt as of 31 March 2024, this implies an enterprise value of around 1.102 billion pounds.
Under the terms of the Acquisition, each Tritax EuroBox Shareholder will be entitled to receive 69.0 pence in cash for each Tritax EuroBox Share.
The Acquisition price per Tritax EuroBox Share is equivalent to 82.4 cents at the current exchange rate and represents a premium of approximately 6 per cent to the implied value of the SEGRO Offer of 65.1 pence as at 9 October 2024, being the last Business Day prior to this announcement, equivalent to an additional 3.9 pence per Tritax EuroBox Share.
Tritax EuroBox's directors have withdrawn their recommendation that Tritax EuroBox Shareholders vote in favour of the SEGRO Offer, and instead recommend unanimously that Tritax EuroBox Shareholders vote in favour of Brookfield's deal.
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