Segro fails in Tritax EuroBox takeover after Brookfield strikes deal
On Monday, Segro said that its all-share takeover deal for Tritax EuroBox, which it agreed in early September, ‘has lapsed’.
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Your support makes all the difference.Commercial real estate firm Segro confirmed its planned takeover of warehouse firm Tritax EuroBox has collapsed.
It comes after Canadian asset manager Brookfield outbid Segro in a bid to buy Tritax EuroBox.
Brookfield said last week that it will nevertheless sell around 470 million euro (£392.5 million) of former Tritax property assets to Segro.
On Monday, Segro said that its all-share takeover deal for Tritax, which it agreed in early September, “has lapsed”.
FTSE 100 firm Segro, which specialises in logistics warehouses, had struck a deal to buy its rival for around £552 million.
The all-share deal valued each Tritax share at 68.4p. Including debt, the offer values Tritax at around £1.1 billion.
It came after Brookfield said in June that it was in the early stages of considering a cash offer for Tritax.
The Canadian firm came back to the table last month, improving upon its rival’s bid to strike a 1.44 billion dollar (£1.14 billion) deal in total to buy Tritax.
Analysts had suggested the move could start a bidding war between the two suitors.
However, last week Brookfield said it had agreed to sell about 30% of Tritax EuroBox’s portfolio to Segro, indicating that Segro had given up on its efforts to purchase the whole company.