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Taliesin shareholders OK Blackstone affiliates' €260M merger proposal

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Taliesin shareholders OK Blackstone affiliates' €260M merger proposal

The offer of two Blackstone Group LP vehicles to buy Taliesin Property Fund Ltd. was approved at two separate meetings, with the scheme expected to become effective Feb. 26 and implemented May 31.

At a court meeting, 89.1% of scheme shareholders present have voted to approve the proposal. At a general meeting of shareholders, 99.8% of votes cast allowed for the Taliesin board to take all necessary actions to pass the scheme under a special resolution, while 99.7% of the votes also supported an ordinary solution to approve the bid.

According to a timetable for the scheme arrangement, the offer will close Feb. 23, the same day that dealing in Taliesin's shares on the AIM section of the London bourse will be suspended, and on Feb. 27, the multifamily-focused developer will be delisted from the stock exchange.

In December 2017, Blackstone's Wren Bidco Ltd. and Canary Bidco Ltd. offered €51 for each Taliesin share.

Rothschild serves as Taliesin's financial adviser on the deal, while Lazard is financial adviser to Wren Bidco and Canary Bidco.