British self-storage company Big Yellow Group said on Thursday that there was no basis of continuing discussions with Blackstone on a potential deal.
The decision came after Blackstone informed Big Yellow of a possible offer and the valuation level at which it could make a proposal. The company did not disclose details of the offer by Blackstone.
Blackstone disclosed in October that it was in the early stages of considering a possible cash offer for Big Yellow.
Sky News earlier this week reported that Blackstone was “seriously contemplating” abandoning its bid for Big Yellow.
The company has indicated Blackstone that it won’t be extending the upcoming deadline for a firm offer.
When contacted by Reuters, Blackstone said it has “nothing to add.”
(Reporting by Sri Hari N S and Rishab Shaju in Bengaluru)
