The Board of owner and operator of student housing – Empiric Student Property PLC – has confirmed that on 7 May 2025, it received a non-binding proposal from The Unite Group PLC (“Unite”) to acquire the entire issued and to be issued share capital of Empiric.
Following a period of engagement, the Empiric Board received a revised proposal from Unite on 29 May 2025 comprising 30 pence in cash and 0.09 new Unite shares per Empiric share (the ‘Proposal’).
Based on Unite’s closing share price of 855.5 pence on 4 June 2025, the Proposal values each Empiric share at 107.0 pence. On the basis of the Proposal, the Board has agreed with Unite to enter an initial period of due diligence.
Empiric has confirmed that there can be no certainty that an offer will be made, nor as to the terms of any offer if made.
In compliance with the City Code on Takeovers and Mergers, Unite is required – by not later than 5pm on 3 July 2025 – to either announce a firm intention to make an offer for Empiric, or declare that it will not pursue the acquisition which would trigger Rule 2.8 of the Code.
The 3 July 2025 deadline can only be extended with the consent of the Panel on Takeovers and Mergers.
This news follows Unite Students’ announcement today on the disposal of nine purpose-built student accommodation (PBSA) properties to an affiliate of Lone Star Funds.
