Extension of PUSU Deadline
Summary by AI BETAClose X
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
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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:
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Big Yellow Group PLC Nicholas Vetch, Executive Chairman James Gibson, Chief Executive Officer John Trotman, Chief Financial Officer |
Tel: +44 (0) 12 7647 7811 |
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Goldman Sachs International (Financial Adviser) Khamran Ali Owain Evans Arnout Harteveld Lorenzo Carlino |
Tel: +44 (0) 20 7774 1000
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Sodali & Co (Media Enquiries) Ben Foster Victoria Heslop
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Tel: +44 (0) 20 7100 6451
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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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