The warehouse landlord LondonMetric has agreed a deal to acquire rival Mucklow for more than £400m in a deal that will create a £2.3bn rival to Segro, the sector’s largest listed player.
FTSE 250-listed LondonMetric on Thursday announced a £415m cash-and-share offer for the Midlands-based A&J Mucklow Group at 655p a share, a premium of almost 20% to the group’s last closing price.
Mucklow shareholders will receive 2.19 newly issued LondonMetric shares and 204.5p in cash for each share they hold, amounting to a 19.7% premium to the group’s last closing price and an 11.4% premium to net asset value.
