AUS
NZ
UK
CA
USA
IND
Highlights:
-
Tritax Eurobox PLC has agreed to a cash takeover offer from Brookfield, valuing the company at approximately £557 million.
-
The offer represents a 28% premium over Tritax Eurobox's valuation as of 31 May.
-
The acquisition will be executed through a court-sanctioned scheme of arrangement, valuing Tritax Eurobox's total enterprise at £1.1 billion.
Tritax Eurobox PLC {LSE:EBOX} a FTSE 250-listed investment trust, has entered into an agreement for a takeover by funds managed by Brookfield, an investment firm. The takeover comes through a cash offer of 69 pence per share, valuing Tritax Eurobox at approximately £557 million. This offer represents a 28% premium over the company’s valuation on 31 May, the date when the offer period was triggered.
Brookfield’s proposal surpasses a previously agreed-upon all-share offer from FTSE 100-listed Segro plc, which was valued at around 68 pence per share in early September. The acquisition, which values Tritax Eurobox’s total enterprise at £1.1 billion, will be carried out through a court-sanctioned scheme of arrangement, ensuring a structured and legally compliant transition.
Robert Orr, chair of Tritax Eurobox, emphasized the board’s commitment to delivering value for shareholders. He noted that Brookfield's cash offer not only provides a premium over the current SEGRO offer but also offers a substantial uplift from the undisturbed value of Tritax Eurobox shares.
Brookfield views Tritax Eurobox’s portfolio of logistics assets, strategically located across Europe, as a complementary addition to its existing global logistics holdings. Brad Hyler, head of real estate in Europe at Brookfield, stated that Tritax Eurobox possesses a high-quality portfolio of logistics assets that align well with Brookfield's investment strategy.
Following the announcement of the acquisition, Tritax Eurobox shares experienced a 3% increase, rising to 71.2 pence. The successful execution of this takeover is anticipated to enhance Brookfield's logistics capabilities across Europe, marking a significant development in the investment landscape.
