Big Yellow confirms having held meetings for options including sale, denies receipt of approach

[Blackstone hedge fund.]
Roman Tiraspolsky/iStock Editorial via Getty Images

In response to media speculation about Blackstone's (NYSE:BX [https://seekingalpha.com/symbol/BX]) interest, Big Yellow Group (OTCPK:BYLOF [https://seekingalpha.com/symbol/BYLOF]) said [https://otp.investis.com/clients/uk/big_yellow1/rns/regulatory-story.aspx?newsid=1996125&cid=709] on Monday that it has "held meetings with a small number of parties in relation to a range of potential options including a potential sale" but "is not in receipt of an approach".

The UK-based self-storage REIT denied being in discussions with any parties in respect of a potential sale.

BYLOF shares were +0.24% after market open at $12.60, while BX was 1.65% higher to $156.30.

The company said Blackstone Europe LLP had confirmed [https://otp.investis.com/clients/uk/big_yellow1/rns/regulatory-story.aspx?newsid=1996107&cid=709] that one or more of the investment funds advised by BX or any of its affiliates were considering its position in relation to Big Yellow, which may include a cash offer for the company's shares.

"Blackstone Funds' evaluation of Big Yellow is at a preliminary stage and Blackstone is 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," said the October 13 statement by Big Yellow.

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