Blackstone Real Estate and MRP Group, a real estate developer, owner, and operator in Mexico, have announced the extension of their all-cash tender offer for Terrafina’s outstanding real estate trust certificates. The offer period is now extended until 14:00 (Mexico City time) on August 2, 2024, as per the terms outlined in the Offer to Purchase.
This transaction aims to deliver significant and immediate value to Terrafina’s shareholders, eliminating uncertainties related to potential tax implications from other exchange offers.
According to the Offer to Purchase, if less than 50% plus one of Terrafina’s outstanding certificates are tendered and accepted by the expiration date, the tender offer period will automatically extend by one business day. This automatic extension continues unless the offeror announces otherwise. Note that this extension does not grant withdrawal rights.
Shareholders can tender their Terrafina certificates until 14:00 (Mexico City time) on August 2, 2024, unless the expiration date is extended. The expected settlement date is August 9, 2024, provided there are no changes to the expiration date. The tender offer’s completion depends on at least 50% plus one of the outstanding Terrafina certificates being accepted, including any approved but unissued certificates.
The all-cash offer represents a 27% premium over the Terrafina certificate price at the close of trading on December 4, 2023, and more than a 10% premium compared to the closing price on June 7, 2024.
Blackstone Real Estate has a strong track record, with over 50 successful public company transactions, positioning it well for this deal. The Mexican antitrust authority, COFECE, has approved the tender offer without conditions. The offer is not contingent on financing or further board or shareholder approvals.
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By Proptechbuzz
By Ravi Kumar
