10:04 AM EDT, 06/18/2024 (MT Newswires) -- (Updates to include additional details in the second to fifth paragraphs.)

Blackstone's (BX) Blackstone Real Estate and MRP Group announced Tuesday that a Mexican trust formed by their affiliates has increased the price of its tender offer for up to 100% of Terrafina's outstanding real estate trust certificates by 1 Mexican peso ($0.05) to 39.50 pesos per certificate.

The all-cash tender offer represents a 24% premium over the unaffected price per Terrafina certificate on Dec. 4, and an 8% premium to Terrafina's June 7 closing share price, Blackstone Real Estate and MRP Group said in a joint statement.

They said Mexico's antitrust authority "has unconditionally approved the tender offer."

Terrafina certificates may be tendered until 2 p.m. Mexico City time on July 17 and the settlement date is expected to be July 24, unless the expiration date is extended, Blackstone Real Estate and MRP Group said.

They said the completion of the tender offer is subject to, among other things, the acceptance by holders representing at least 50% plus one of the outstanding Terrafina certificates.

Price: 122.43, Change: +0.27, Percent Change: +0.22