Segro offer for Tritax EuroBox lapses

(Sharecast News) - Segro confirmed on Monday that its all-share offer to acquire Tritax EuroBox has lapsed after failing to meet key conditions by the specified deadline. The FTSE 100 firm said the offer, initially agreed upon by both companies' boards and announced on 4 September, was to be implemented via a court-sanctioned scheme of arrangement under the Companies Act 2006.

It said the proposal required Segro's court and general meetings to take place no later than 15 November - the so-called 'mini long stop date'.

However, no agreement to extend the deadline was reached between the parties, nor was an extension specified by Segro with the consent of the regulatory panel.

As a result, the offer conditions were not satisfied, and Segro invoked the mini long stop date condition, causing the scheme to lapse.

The company made no indication of plans to revisit the deal in its announcement.

At 1215 GMT, shares in Segro were down 0.37% at 760.8p, while those in Tritax EuroBox were 0.96% weaker at 81.96 euro cents.

Reporting by Josh White for Sharecast.com.