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. Other British companies targeted by US investors include the supermarket chain Morrisons, aerospace manufacturer Senior, and infrastructure investor John Laing. Foreign private equity investors have invested more so far in 2021 than in any year since 2007, according to Dealogic, a data company.

Source: The Guardian June 24, 2021 08:48 UTC