Blackstone Real Estate and MRP Group Announce Extension of 100% Cash Tender Offer for Terrafina
Blackstone Real Estate and MRP Group have extended their all-cash tender offer for Terrafina (BMV:TERRA 13) until July 29, 2024. The offer of Ps.40.50 per certificate represents a 27% premium over the unaffected price on December 4, 2023, and a 10% premium to the closing price on June 7, 2024. The offer requires acceptance by holders of at least 50% plus one of outstanding certificates. COFECE has unconditionally approved the tender offer, which is not subject to financing conditions or additional approvals. The expected settlement date is August 5, 2024, unless extended.
Blackstone Real Estate e MRP Group hanno esteso la loro offerta pubblica di acquisto completamente in contanti per Terrafina (BMV:TERRA 13) fino al 29 luglio 2024. L'offerta di Ps.40.50 per certificato rappresenta un 27% di premio rispetto al prezzo non influenzato del 4 dicembre 2023 e un 10% di premio rispetto al prezzo di chiusura del 7 giugno 2024. L'offerta richiede l'accettazione da parte dei detentori di almeno il 50% più uno dei certificati in circolazione. COFECE ha approvato senza condizioni l'offerta pubblica di acquisto, che non è soggetta a condizioni di finanziamento o approvazioni aggiuntive. La data di liquidazione prevista è il 5 agosto 2024, salvo proroghe.
Blackstone Real Estate y MRP Group han ampliado su oferta de compra completamente en efectivo para Terrafina (BMV:TERRA 13) hasta el 29 de julio de 2024. La oferta de Ps.40.50 por certificado representa un 27% de prima sobre el precio no afectado del 4 de diciembre de 2023, y un 10% de prima sobre el precio de cierre del 7 de junio de 2024. La oferta requiere la aceptación por parte de los titulares de al menos el 50% más uno de los certificados en circulación. COFECE ha aprobado incondicionalmente la oferta de compra, la cual no está sujeta a condiciones de financiamiento ni a aprobaciones adicionales. La fecha de liquidación esperada es el 5 de agosto de 2024, a menos que se extienda.
블랙스톤 부동산과 MRP 그룹은 테라피나 (BMV:TERRA 13)에 대한 전액 현금 입찰 제안을 2024년 7월 29일까지 연장했습니다. 증서당 Ps.40.50의 제안은 2023년 12월 4일의 영향을 받지 않은 가격에 대해 27%의 프리미엄을 나타내며, 2024년 6월 7일의 종가에 대해 10%의 프리미엄을 나타냅니다. 이 제안은 발행된 증서의 최소 50% 플러스 1의 보유자의 수락이 필요합니다. COFECE는 자금 조건이나 추가 승인 없이 무조건적으로 입찰 제안을 승인했습니다. 예상 지정일은 2024년 8월 5일이며, 연장되지 않는 한 해당됩니다.
Blackstone Real Estate et le groupe MRP ont étendu leur offre publique d'achat entièrement en espèces pour Terrafina (BMV:TERRA 13) jusqu'au 29 juillet 2024. L'offre de Ps.40.50 par certificat représente une prime de 27% par rapport au prix non affecté du 4 décembre 2023 et une prime de 10% par rapport au prix de clôture du 7 juin 2024. L'offre nécessite l'acceptation par les détenteurs d'au moins 50 % plus un des certificats en circulation. La COFECE a approuvé l'offre sans condition, qui n'est pas soumise à des conditions de financement ou à des approbations supplémentaires. La date de règlement prévue est le 5 août 2024, sauf prolongation.
Blackstone Real Estate und die MRP Gruppe haben ihr Komplett-Barangebot für Terrafina (BMV:TERRA 13) bis zum 29. Juli 2024 verlängert. Das Angebot von Ps.40.50 pro Zertifikat stellt eine 27%ige Prämie gegenüber dem nicht betroffenen Preis vom 4. Dezember 2023 dar und eine 10%ige Prämie auf den Schlusskurs vom 7. Juni 2024. Das Angebot erfordert die Annahme durch die Inhaber von mindestens 50% plus eins der ausstehenden Zertifikate. COFECE hat das Angebot ohne Auflagen genehmigt, und es unterliegt nicht den Finanzierungsbedingungen oder zusätzlichen Genehmigungen. Das erwartete Abwicklungsdatum ist der 5. August 2024, sofern es nicht verlängert wird.
- All-cash tender offer provides immediate value for shareholders
- 27% premium over unaffected price and 10% premium to recent closing price
- Unconditional approval from Mexican antitrust authority (COFECE)
- No financing conditions or additional approvals required
- Blackstone's track record of over 50 successful public company transactions
- Offer requires acceptance by holders of at least 50% plus one of outstanding certificates
- Extension of offer period may indicate insufficient initial acceptance
Insights
The extension of Blackstone Real Estate and MRP Group's all-cash tender offer for Terrafina is a significant development in the real estate investment trust (REIT) sector. The offer of
The extension to July 29, 2024, provides additional time for certificate holders to consider the offer, potentially increasing the likelihood of reaching the
Importantly, the all-cash nature of the offer provides certainty and immediate value for Terrafina's shareholders, contrasting with competing exchange offers that may carry tax implications. This aspect could be particularly attractive to investors seeking liquidity or concerned about potential tax consequences.
The unconditional approval from COFECE (Comisión Federal de Competencia Económica) removes a significant regulatory hurdle, further de-risking the transaction. Additionally, the absence of financing conditions and the need for additional approvals streamlines the process, potentially expediting the deal's closure.
For investors, this extended offer period presents an opportunity to reassess their positions in light of current market conditions and Terrafina's prospects. The premium offered may be particularly appealing given the current economic uncertainties and potential headwinds in the real estate sector.
The extended tender offer for Terrafina by Blackstone Real Estate and MRP Group signals a strategic move in the Mexican industrial real estate market. Terrafina's portfolio, primarily consisting of industrial properties, is particularly attractive given the ongoing trend of nearshoring and the growing importance of Mexico in global supply chains.
The
- Potential for operational improvements and efficiency gains under new management
- Anticipated growth in demand for industrial real estate in key Mexican markets
- Synergies with Blackstone's existing portfolio and global real estate expertise
The involvement of Blackstone, with its track record of over 50 successful public company transactions, brings substantial expertise and resources to the table. This could lead to enhanced property management, strategic repositioning of assets and potentially accelerated growth for Terrafina's portfolio.
For the broader Mexican real estate market, this transaction could set a new benchmark for valuations, particularly in the industrial sector. It may also attract more international investment, potentially leading to increased liquidity and professionalization of the market.
However, investors should consider the potential risks, including:
- Integration challenges post-acquisition
- Possible changes in the Mexican economic or political landscape
- Global economic uncertainties that could impact demand for industrial real estate
Overall, this extended offer period provides a window for market participants to reassess the value of Mexican industrial real estate assets and potentially recalibrate their investment strategies in this sector.
As the only announced all-cash tender offer, this transaction would provide substantial and immediate value for Terrafina’s shareholders and avoids the uncertainty regarding the potential tax consequences associated with competing exchange offers.
In accordance with the terms of the Offer to Purchase, if
Terrafina certificates may be tendered at any time until 14:00
The all-cash tender offer represents a premium of
With a track-record of over 50 successful public company transactions, Blackstone Real Estate is well-positioned to execute this transaction. The Mexican antitrust authority, the Comisión Federal de Competencia Económica (COFECE), has unconditionally approved the tender offer. The tender offer is not subject to any financing condition and is not contingent on additional board or shareholder approvals.
Complete terms and conditions of the tender offer are set forth in the Offer to Purchase as supplemented by the Supplemental Notice (Aviso de Oferta). Please see below for information on how to obtain the Offer to Purchase and the accompanying Letter of Acceptance, and for who to contact with any questions regarding the tender procedures.
About Blackstone Real Estate
Blackstone is a global leader in real estate investing. Blackstone’s real estate business was founded in 1991 and has US
About MRP Group
MRP Group was founded in 2003 and is a leading integrated platform focused on managing institutional capital in the Mexican real estate sector. To date, MRP Group has committed and managed investments of more than
About the Offeror
The tender offer is being made by CIBanco, S.A., Institución de Banca Múltiple, in its capacity as trustee under the trust identified with the number CIB/4338, of which BP MX Industrial Real Estate Holdco LLC and CIBanco, S.A. Institución de Banca Múltiple, in its capacity as trustee of the irrevocable management trust agreement identified under number CIB/4235, are settlors and beneficiaries.
Copies of Offer to Purchase and Tender Offer Queries
A copy of the Offer to Purchase and the Supplemental Notice (Aviso de Oferta) are available free of charge in English at the following link: https://www.cibanco.com/es/cibanco/busqueda-emisoras-fiduciario?stock=47&series=29&idArea=servicio-fiduciarios
If you have questions regarding the tender offer or tendering procedures, please contact:
- Morgan Stanley Mexico, Casa de Bolsa, S.A. de C.V., acting as Dealer Manager, at +52 55 5282 6748 or via email at Miguel.Perez@morganstanley.com; or
-
Morrow Sodali, International LLC, acting as Information Agent, at +1 917 475 0281 or +1 800 269 4523 (in
the United States ) and +52 55 4169 6733 (inMexico ) or via email at opa@investor.morrowsodali.com.
Transaction Advisors
Morgan Stanley & Co and Santander are serving as financial advisors to Blackstone Real Estate and MRP Group. Simpson Thacher & Bartlett LLP and Galicia Abogados, S.C., are serving as legal advisors to Blackstone Real Estate and MRP Group.
Notice to Investors
This announcement is for information purposes only and does not constitute an offer or an invitation to acquire or dispose of any securities or investment advice or an inducement to enter into investment activity. The information in the press release is not intended to be complete. The tender offer is only being made pursuant to the Offer to Purchase. Holders of Terrafina certificates should read carefully the Offer to Purchase and accompanying documentation because they contain important information, including the terms and conditions of the tender offer.
This press release and any other document related to the tender offer may not be distributed, published, delivered and/or disseminated in any country where delivery and use would be contrary to applicable law. We have not authorized this press release or any other document related to the tender offer to be published, delivered, distributed and/or disseminated by third parties outside of
Forward-Looking Statements
Certain statements in this press release may be considered “forward-looking statements.” Forward-looking statements are not guarantees of future performance. Any forward-looking statements contained herein are based on current expectations and assumptions. Forward-looking statements are inherently susceptible to uncertainty and changes in circumstances. Actual results may differ materially from the forward-looking statements as a result of a number of risks and uncertainties, many of which are outside our control. We do not undertake, or assume any obligation, to provide updates of or to revise any forward-looking statements.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240726745750/en/
Blackstone:
Jeffrey Kauth
Jeffrey.Kauth@Blackstone.com
MRP:
Andrea González Chacón
agonzalezch@mrp.com.mx
Source: Blackstone
FAQ
What is the new expiration date for Blackstone's tender offer for Terrafina (BMV:TERRA 13)?
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