Big Yellow Group terminates deal talks with Blackstone
Big Yellow Group has terminated discussions with Blackstone regarding a potential deal, citing no basis for continuing talks. This decision follows Blackstone's indication of a possible offer and valuation level. Blackstone had previously considered a cash offer for Big Yellow, but recent reports suggested it might abandon the bid. Big Yellow has informed Blackstone it won't extend the deadline for a firm offer. Blackstone has not commented on the matter.
Dec 4 (Reuters) -
British self-storage company Big Yellow Group (BYG.L) said on Thursday that there was no basis of continuing discussions with Blackstone (BX.N) on a potential deal.
The decision came after Blackstone informed Big Yellow of a possible offer and the valuation level at which it could make a proposal. The
company did not disclose details
of the offer by Blackstone.
Blackstone
disclosed
in October that it was in the early stages of considering a possible cash offer for Big Yellow.
Sky News earlier this week
reported
that Blackstone was “seriously contemplating” abandoning its bid for Big Yellow.
The company has indicated Blackstone that it won’t be extending the upcoming deadline for a firm offer.
Blackstone did not immediately respond to a Reuters request for comment.
