REG - Blackstone Europe Big Yellow Group PLC - Statement re Possible Offer

Big YellowAnnouncement

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RNS Number : 0914D  Blackstone Europe LLP  13 October 2025

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, DIRECTLY OR
INDIRECTLY IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A
VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION

 

THIS IS AN ANNOUNCEMENT FALLING UNDER RULE 2.4 OF THE CITY CODE ON TAKEOVERS
AND MERGERS (THE "CODE") AND DOES NOT CONSTITUTE AN ANNOUNCEMENT OF A FIRM
INTENTION TO MAKE AN OFFER UNDER RULE 2.7 OF THE CODE AND THERE CAN BE NO
CERTAINTY THAT ANY FIRM OFFER WILL BE MADE, NOR AS TO THE TERMS ON WHICH ANY
OFFER WILL BE MADE

 

FOR IMMEDIATE RELEASE

 

13 October 2025

Statement regarding Big Yellow Group PLC ("Big Yellow", or the "Company")

Blackstone Europe LLP ("Blackstone") notes the recent media speculation in
relation to Big Yellow and confirms that one or more of the investment funds
advised by Blackstone or any of its affiliates (the "Blackstone Funds") is
considering its position in relation to the Company, which could include a
cash offer for the entire issued, and to be issued, share capital of the
Company.

Blackstone Funds' evaluation of Big Yellow is at a preliminary stage and
Blackstone is considering, amongst other factors, the macro-economic
environment including the potential impact of the upcoming UK budget as it
relates to the self-storage sector.

Accordingly, there can be no certainty that any offer for the Company will be
made nor as to the terms of any such offer.

A further announcement will be made as appropriate.

Important Takeover Code Notes

In accordance with Rule 2.6(a) of the Code, Blackstone Funds are now required,
by not later than 5:00 pm (London time) on 10 November 2025, to either
announce a firm intention to make an offer for the Company in accordance with
Rule 2.7 of the Code or announce that Blackstone Funds do not intend to make
an offer for the Company, in which case the announcement will be treated as a
statement to which Rule 2.8 of the Code applies. This deadline may only be
extended with the consent of the Takeover Panel in accordance with Rule 2.6(c)
of the Code.

Enquiries:

 Blackstone                                             +44 75 5367 3528

 Dafina Grapci-Penney
 Rothschild & Co (Financial Adviser to Blackstone)      +44 20 7280 5000

 Alex Midgen

 Sam Green

Important notice related to financial adviser

N.M. Rothschild & Sons Limited ("Rothschild & Co"), which is
authorised and regulated by the Financial Conduct Authority in the United
Kingdom, is acting exclusively for Blackstone and for no one else in
connection with the subject matter of this announcement and will not be
responsible to anyone other than Blackstone for providing the protections
afforded to its clients or for providing advice in connection with the subject
matter of this announcement.

Disclosure requirements of the Code

Under Rule 8.3(a) of the Code, any person who is interested in 1% or more of
any class of relevant securities of an offeree company or of any securities
exchange offeror (being any offeror other than an offeror in respect of which
it has been announced that its offer is, or is likely to be, solely in cash)
must make an Opening Position Disclosure following the commencement of the
offer period and, if later, following the announcement in which any securities
exchange offeror is first identified. An Opening Position Disclosure must
contain details of the person's interests and short positions in, and rights
to subscribe for, any relevant securities of each of (i) the offeree company
and (ii) any securities exchange offeror(s). An Opening Position Disclosure by
a person to whom Rule 8.3(a) applies must be made by no later than 3.30 pm
(London time) on the 10th business day following the commencement of the offer
period and, if appropriate, by no later than 3.30 pm (London time) on the 10th
business day following the announcement in which any securities exchange
offeror is first identified. Relevant persons who deal in the relevant
securities of the offeree company or of a securities exchange offeror prior to
the deadline for making an Opening Position Disclosure must instead make a
Dealing Disclosure.

Under Rule 8.3(b) of the Code, any person who is, or becomes, interested in 1%
or more of any class of relevant securities of the offeree company or of any
securities exchange offeror must make a Dealing Disclosure if the person deals
in any relevant securities of the offeree company or of any securities
exchange offeror. A Dealing Disclosure must contain details of the dealing
concerned and of the person's interests and short positions in, and rights to
subscribe for, any relevant securities of each of (i) the offeree company and
(ii) any securities exchange offeror, save to the extent that these details
have previously been disclosed under Rule 8. A Dealing Disclosure by a person
to whom Rule 8.3(b) applies must be made by no later than 3.30 pm (London
time) on the business day following the date of the relevant dealing.

If two or more persons act together pursuant to an agreement or understanding,
whether formal or informal, to acquire or control an interest in relevant
securities of an offeree company or a securities exchange offeror, they will
be deemed to be a single person for the purpose of Rule 8.3.

Opening Position Disclosures must also be made by the offeree company and by
any offeror and Dealing Disclosures must also be made by the offeree company,
by any offeror and by any persons acting in concert with any of them (see
Rules 8.1, 8.2 and 8.4).

Details of the offeree and offeror companies in respect of whose relevant
securities Opening Position Disclosures and Dealing Disclosures must be made
can be found in the Disclosure Table on the Takeover Panel's website at
www.thetakeoverpanel.org.uk (http://www.thetakeoverpanel.org.uk) , including
details of the number of relevant securities in issue, when the offer period
commenced and when any offeror was first identified. You should contact the
Panel's Market Surveillance Unit on +44 (0)20 7638 0129 if you are in any
doubt as to whether you are required to make an Opening Position disclosure or
a dealing disclosure.

Rule 2.4 information

Prior to this announcement it has not been practicable for Blackstone to make
enquiries of all persons acting in concert with it to determine whether any
dealings in Big Yellow shares by such persons give rise to a requirement under
Rule 6 or Rule 11 of the Code for Blackstone, if it were to make an offer, to
offer any minimum level, or particular form, of consideration. Any such
details shall be announced as soon as practicable and in any event by no later
than the deadline for Blackstone's respective Opening Position Disclosure.

Rule 26.1 disclosure

In accordance with Rule 26.1 of the Code, a copy of this announcement will be
available (subject to certain restrictions relating to persons resident in
restricted jurisdictions) at https://publishdocuments.co.uk by no later than
12 noon (London time) on the business day following the date of this
announcement. The content of the website referred to in this announcement is
not incorporated into and does not form part of this announcement.

Additional Information

This announcement is not intended to, and does not, constitute or form part of
any offer, invitation or the solicitation of an offer to purchase, otherwise
acquire, subscribe for, sell or otherwise dispose of, any securities, or the
solicitation of any vote or approval in any jurisdiction, pursuant to this
announcement or otherwise.

 

Any offer, if made, will be made solely by certain offer documentation which
will contain the full terms and conditions of any offer, including details of
how it may be accepted. The distribution of this announcement in jurisdictions
other than the United Kingdom and the availability of any offer to
shareholders of Big Yellow who are not resident in the United Kingdom may be
affected by the laws of relevant jurisdictions. Therefore any persons who are
subject to the laws of any jurisdiction other than the United Kingdom or
shareholders of Big Yellow who are not resident in the United Kingdom will
need to inform themselves about, and observe any applicable requirements.

 

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