The US private equity and investment firm which bought the NEC Group in 2018 has made a £1.2 billion offer to acquire Birmingham regeneration specialist St Modwen.
Blackstone has tabled a cash offer of 542 pence per share for the listed group which is behind a slew of property projects across the region, notably the long-running regeneration of the former MG Rover site in Longbridge.
St Modwen, which is also headquartered in the south Birmingham town, is known for its work in the housing, commercial property and logistics sectors.
It told the London Stock Exchange today the offer was "at a value the board would be willing to recommend unanimously" should a firm intention to make an offer be announced.
The brief statement added that a further announcement would be made as appropriate.
Blackstone now has until 5pm on June 4 to either announce a firm intention to make an offer for St Modwen or withdraw.
Blackstone is headquartered in New York and specialises in private equity, real estate, hedge funds and insurance.
Its other portfolio businesses include global genealogy website Ancestry, dating and social networking apps group Bumble and Bourne Leisure, owner of the Butlin's and Haven holiday brands, which it acquired earlier this year.
In autumn 2018, it acquired the NEC Group from LDC, the private equity arm of Lloyds Bank, for a rumoured £800 million.
NEC Group owns and operates venues such as the ICC and Utilita Arena in Birmingham and the National Exhibition Centre and Resorts World Arena in Solihull.
