A Mexican trust formed by affiliates of Blackstone Real Estate and MRP Group has extended its all-cash tender offer for up to 100% of Terrafina’s outstanding real estate trust certificates until August 1, 2024. The offer price remains at Ps.40.50 per certificate.
The tender offer, initially announced as the only all-cash offer, aims to provide immediate value for Terrafina’s shareholders and avoid uncertainty regarding potential tax consequences associated with competing exchange offers.
The offer’s completion is conditioned upon acceptance by holders representing at least 50% plus one of the outstanding Terrafina certificates. The settlement date is expected to be August 8, 2024, unless extended.
The Mexican antitrust authority, COFECE, has unconditionally approved the tender offer, which is not subject to financing conditions or additional board or shareholder approvals. The offer represents a premium of 27% over the unaffected price per Terrafina certificate as of December 4, 2023, and a more than 10% premium to Terrafina’s closing share price on June 7, 2024.
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