UK housebuilder may have hit haggling limit
St Modwen Properties (SMP.L) investors would be wise to put themselves in the shoes of the average home-seller. The owners of the 1.2 billion pound house-builder resisted an initial 542 pence per share offer from buyout house Blackstone (BX.N), arguing it undervalued the company. The negotiating tactic has clearly worked - Blackstone is back with a sweetened 560 pence bid amounting to a 25% premium to the British property companys shares before the first approach .
UK housebuilder may have hit haggling limit
St Modwen Properties (SMP.L) investors would be wise to put themselves in the shoes of the average home-seller. The owners of the 1.2 billion pound house-builder resisted an initial 542 pence per share offer from buyout house Blackstone (BX.N), arguing it undervalued the company. The negotiating tactic has clearly worked - Blackstone is back with a sweetened 560 pence bid amounting to a 25% premium to the British property companys shares before the first approach .