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 31, 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 settlement date is expected to be August 7, 2024, unless extended. Blackstone Real Estate, with a track record of over 50 successful public company transactions, aims to provide immediate value to Terrafina's shareholders while avoiding potential tax consequences associated with competing exchange offers.
Blackstone Real Estate e MRP Group hanno esteso la loro offerta pubblica di acquisto in contante per Terrafina (BMV:TERRA 13) fino al 31 luglio 2024. L'offerta di Ps.40.50 per certificato rappresenta un premio del 27% rispetto al prezzo non influenzato del 4 dicembre 2023 e un premio del 10% 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 incondizionatamente l'offerta pubblica, che non è soggetta a condizioni di finanziamento o approvazioni aggiuntive. La data di regolamento è prevista per il 7 agosto 2024, salvo proroghe. Blackstone Real Estate, con una storia di oltre 50 transazioni di successo con aziende pubbliche, mira a fornire valore immediato agli azionisti di Terrafina evitando potenziali conseguenze fiscali associate ad offerte di scambio concorrenti.
Blackstone Real Estate y MRP Group han ampliado su oferta pública de compra en efectivo para Terrafina (BMV:TERRA 13) hasta el 31 de julio de 2024. La oferta de Ps.40.50 por certificado representa un premium del 27% sobre el precio no afectado del 4 de diciembre de 2023, y un premium del 10% respecto al precio de cierre del 7 de junio de 2024. La oferta requiere la aceptación por parte de los tenedores de al menos el 50% más uno de los certificados en circulación. COFECE ha aprobado incondicionalmente la oferta, que no está sujeta a condiciones de financiamiento ni a aprobaciones adicionales. Se espera que la fecha de liquidación sea el 7 de agosto de 2024, a menos que se extienda. Blackstone Real Estate, con un historial de más de 50 transacciones exitosas de empresas públicas, tiene como objetivo proporcionar valor inmediato a los accionistas de Terrafina mientras evita posibles consecuencias fiscales asociadas con ofertas de intercambio competidoras.
블랙스톤 리얼 에스테이트와 MRP 그룹은 테라피나(BMV:TERRA 13)에 대한 현금 전액 입찰 제안을 2024년 7월 31일까지 연장했습니다. 인증서당 Ps.40.50의 제안은 2023년 12월 4일의 영향을 받지 않은 가격에 대해 27%의 프리미엄을 나타내며, 2024년 6월 7일의 종가에 대해 10%의 프리미엄을 의미합니다. 이 제안은 발행된 인증서의 50% 플러스 1 이상의 보유자에 의해 수락되어야 합니다. COFECE는 무조건적으로 입찰 제안을 승인했으며, 이는 자금 조달 조건 또는 추가 승인에 영향을 받지 않습니다. 결제일은 2024년 8월 7일로 예상되며 연장될 수 있습니다. 블랙스톤 리얼 에스테이트는 50건 이상의 성공적인 상장 기업 거래 경력을 바탕으로 테라피나 주주들에게 즉각적인 가치를 제공하고 경쟁적인 교환 제안과 관련된 잠재적인 세금 결과를 피하는 것을 목표로 하고 있습니다.
Blackstone Real Estate et MRP Group ont prolongé leur offre publique d'achat en espèces pour Terrafina (BMV:TERRA 13) jusqu'au 31 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 des détenteurs d'au moins 50% plus un des certificats en circulation. COFECE a approuvé inconditionnellement l'offre, qui n'est pas soumise à des conditions de financement ou à des approbations supplémentaires. La date de règlement est prévue pour le 7 août 2024, sauf prolongation. Blackstone Real Estate, avec un bilan de plus de 50 transactions réussies avec des entreprises cotées en bourse, vise à fournir une valeur immédiate aux actionnaires de Terrafina tout en évitant d'éventuelles conséquences fiscales associées à des offres d'échange concurrentes.
Blackstone Real Estate und die MRP Group haben ihr Barangebot für Terrafina (BMV:TERRA 13) bis zum 31. Juli 2024 verlängert. Das Angebot von Ps.40,50 pro Zertifikat entspricht einem Aufschlag von 27% gegenüber dem nicht betroffenen Preis am 4. Dezember 2023 und einem Aufschlag von 10% zum Schlusskurs am 7. Juni 2024. Das Angebot erfordert die Annahme durch Inhaber von mindestens 50% plus eins der ausstehenden Zertifikate. COFECE hat das Angebot unconditional approved, das nicht an Finanzierungsbedingungen oder zusätzliche Genehmigungen gebunden ist. Das Abreisedatum wird voraussichtlich der 7. August 2024 sein, es sei denn, es wird verlängert. Blackstone Real Estate, mit einer Erfolgsbilanz von über 50 erfolgreichen Transaktionen mit börsennotierten Unternehmen, zielt darauf ab, den Aktionären von Terrafina unmittelbaren Wert zu bieten und gleichzeitig potenzielle steuerliche Konsequenzen im Zusammenhang mit konkurrierenden Austauschangeboten zu vermeiden.
- 27% premium over unaffected price on December 4, 2023
- 10% premium to closing price on June 7, 2024
- All-cash offer provides immediate value to shareholders
- Unconditional approval from COFECE (Mexican antitrust authority)
- No financing conditions or additional approvals required
- Tender offer requires acceptance by holders of at least 50% plus one of outstanding certificates
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 31, 2024, provides additional time for investors to consider the offer, which could increase the likelihood of reaching the
Notably, the offer's all-cash nature eliminates potential tax complications associated with competing exchange offers, which could be a significant advantage for investors seeking clean exits. The unconditional approval from COFECE and the absence of financing conditions or additional approvals reduce execution risk, potentially making the offer more attractive to risk-averse investors.
Blackstone's track record of over 50 successful public company transactions adds credibility to their ability to execute this deal effectively. This experience could be a key factor in investor decision-making, especially for those concerned about deal certainty.
Overall, this extension and the terms of the offer indicate a strong strategic move by Blackstone and MRP Group to consolidate their position in the Mexican real estate market, potentially reshaping the landscape of industrial REITs in the region.
The extended tender offer for Terrafina by Blackstone Real Estate and MRP Group signals a significant shift in the Mexican industrial real estate market. Terrafina, with its portfolio of industrial properties, represents a strategic asset in a sector that has shown resilience and growth potential, particularly in light of nearshoring trends benefiting Mexico.
The
The involvement of MRP Group, a local player with deep market knowledge, alongside Blackstone's global expertise and capital, creates a powerful combination. This partnership could lead to enhanced property management, potential redevelopment opportunities and improved tenant relationships, potentially driving higher returns from the portfolio.
The all-cash nature of the deal is particularly noteworthy in the current economic climate. With rising interest rates and economic uncertainties, cash offers provide certainty and immediate liquidity, which can be especially attractive to investors. This could give Blackstone and MRP an edge over competing bids that might involve stock exchanges or more complex structures.
If successful, this acquisition could have ripple effects across the Mexican REIT market, potentially triggering further consolidation or revaluation of similar assets. It may also attract more international investment into the sector, as Blackstone's move could be seen as a vote of confidence in the long-term prospects of Mexican industrial real estate.
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/20240730407323/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 (BX)?
What is the price per certificate offered in Blackstone's tender offer for Terrafina (BX)?
What premium does Blackstone's tender offer represent for Terrafina (BX) shareholders?
What is the minimum acceptance threshold for Blackstone's tender offer for Terrafina (BX)?
When is the expected settlement date for Blackstone's tender offer for Terrafina (BX)?
