Blackstone Real Estate and MRP Group have announced an increased price in their all-cash tender offer for the outstanding real estate trust certificates of Terrafina. This new offer price is MXN 40.50 per certificate, representing a 27% premium over the unaffected price as of December 4, 2023, and more than a 10% premium over Terrafina’s closing price on June 7, 2024. The Mexican antitrust authority, COFECE, has already approved the offer. The tender offer, free of financing conditions and additional approvals, is designed to offer immediate value to Terrafina’s shareholders while avoiding negative tax consequences tied to competing offers. Key participants include Morgan Stanley & Co and Santander as financial advisors, and Simpson Thacher & Bartlett LLP and Galicia Abogados as legal advisors.
Real Estate, Finance,Mexico, United States
Blackstone Real Estate and MRP Group Increase Price of All-Cash Tender Offer for Terrafina