REG - Big Yellow Group PLC - Extension of PUSU Deadline

Big YellowAnnouncement

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RNS Number : 8415G  Big Yellow Group PLC  10 November 2025

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART 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 A FIRM INTENTION TO MAKE AN
OFFER UNDER RULE 2.7 OF THE CODE. THERE CAN BE NO CERTAINTY THAT AN OFFER WILL
BE MADE, NOR AS TO THE TERMS ON WHICH ANY OFFER MIGHT BE MADE.

 

THIS ANNOUNCEMENT CONSTITUTES INSIDE INFORMATION AS STIPULATED UNDER THE
MARKET ABUSE REGULATION (EU) NO. 596/2014, AS IT FORMS PART OF UK DOMESTIC LAW
BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018.

 

FOR IMMEDIATE RELEASE

 

10 November 2025

 

 Big Yellow Group PLC ("Big Yellow" or "the Company")

 Extension of PUSU Deadline under Rule 2.6(c) of the Code

 

On 13 October 2025, Blackstone Europe LLP ("Blackstone") announced that one or
more of the investment funds advised by Blackstone or any of its affiliates
(the "Blackstone Funds") were considering their 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 (the "Announcement"). Pursuant to the
Announcement, Blackstone Funds are required by no later than 5.00 p.m. (London
time) on 10 November 2025 (the "PUSU Deadline") either to announce a firm
intention to make an offer for Big Yellow in accordance with Rule 2.7 of the
Code or to announce that they do not intend to make such an offer, in which
case the announcement would be treated as a statement to which Rule 2.8 of the
Code applies.

The Announcement also stated that Blackstone Funds' evaluation of Big Yellow
was at a preliminary stage and that Blackstone was 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.

In light of the above, Blackstone Funds have requested additional time for
their evaluation of Big Yellow.

Accordingly, the Board of Big Yellow has requested, and the Panel on Takeovers
and Mergers (the "Panel") has consented to, an extension of the PUSU Deadline
in accordance with Rule 2.6(c) of the Code. In accordance with Rule 2.6(a) of
the Code, Blackstone Funds are required either to announce a firm intention to
make an offer for Big Yellow in accordance with Rule 2.7 of the Code or to
announce that it does not intent to make an offer, until 5.00 p.m. (London
time) on 8 December 2025 (the "Revised PUSU Deadline"). The Revised PUSU
Deadline may only be extended with the agreement of Big Yellow and the Panel
in accordance with Rule 2.6(c) of the Code.

There can be no certainty that a firm offer will be made for Big Yellow nor as
to the terms on which any such firm offer might be made. A further
announcement will be made as and when appropriate.

The person responsible for arranging the release of this announcement on
behalf of Big Yellow is Shauna Beavis, Company Secretary.

Enquiries:

 Big Yellow Group PLC                             Tel: +44 (0) 12 7647 7811

 Nicholas Vetch, Executive Chairman

 James Gibson, Chief Executive Officer

 John Trotman, Chief Financial Officer

 Goldman Sachs International (Financial Adviser)  Tel: +44 (0) 20 7774 1000

 Khamran Ali

 Owain Evans

 Arnout Harteveld

 Lorenzo Carlino

 Sodali & Co (Media Enquiries)                    Tel: +44 (0) 20 7100 6451

 Ben Foster

 Victoria Heslop

About Big Yellow Group PLC

Big Yellow is the UK's brand leader in self storage and operates from a
platform of 110 stores.  We have a pipeline comprising 14 proposed self
storage facilities (including one replacement store).  The current maximum
lettable area of the existing platform is 6.5 million sq ft.  When fully
built out the portfolio will provide approximately 7.5 million sq ft of
flexible storage space.  99% of our stores and sites by value are held
freehold and long leasehold, with the remaining 1% short leasehold.
Currently by revenue 75% of our stores are in London and its commuter towns,
with the balance in larger regional conurbations.

Our stores utilise state of the art technology for our digital and operating
platforms including security, and we focus on locating our stores in high
profile, accessible, main road locations.  We also focus on providing
excellent customer service, a highly engaged employee culture, and with
significant and increasing investment in sustainability.

Important notice

Goldman Sachs International, which is authorised by the Prudential Regulation
Authority and regulated by the Financial Conduct Authority and the Prudential
Regulation Authority in the United Kingdom, is acting exclusively for Big
Yellow and no one else in connection with the matters referred to in this
announcement and will not be responsible to anyone other than Big Yellow for
providing the protections afforded to clients of Goldman Sachs International,
or for providing advice in connection with the matters referred to in 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(s), 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 purposes 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, 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 Takeover 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.

Publication on a website

In accordance with Rule 26.1 of the Code, a copy of this announcement will be
available on Big Yellow's website at
https://corporate.bigyellow.co.uk/index.php, by no later than 12 noon (London
time) on the next business day following 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.

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