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BBOX & UKCM - Recommended merger rumour
Posted: February 10th, 2024, 11:33 am
by SKYSHIP
Apparently the property specialist paper states that BBOX is to merge with UKCM - RNS expected Monday morning.
Seems a bizarre fit - EBOX would have been a better choice; though of course a departure into Euroland.
Will this yet another merger precipitate a bounce in the weak sector?
Re: BBOX & UKCM - Recommended merger rumour
Posted: February 11th, 2024, 10:55 am
by mattman74
Thanks for the heads up SKYSHIP.
I hold BBOX.
Both are down on Friday (though UKCM slightly more).
It will be interesting to see market reaction.
Re: BBOX & UKCM - Recommended merger rumour
Posted: February 12th, 2024, 1:49 pm
by stevensfo
SKYSHIP wrote:Apparently the property specialist paper states that BBOX is to merge with UKCM - RNS expected Monday morning.
Seems a bizarre fit - EBOX would have been a better choice; though of course a departure into Euroland.
Will this yet another merger precipitate a bounce in the weak sector?
I have to admit to being confused. BBOX (Tritax Big Box) & EBOX. Are they the same company?
My ii.co.uk site cannot find EBOX, but finds BOXE (Tritax Eurobox).
Any explanation of these three would be very welcome!
Steve
Re: BBOX & UKCM - Recommended merger rumour
Posted: February 12th, 2024, 1:56 pm
by RockRabbit
stevensfo wrote:SKYSHIP wrote:Apparently the property specialist paper states that BBOX is to merge with UKCM - RNS expected Monday morning.
Seems a bizarre fit - EBOX would have been a better choice; though of course a departure into Euroland.
Will this yet another merger precipitate a bounce in the weak sector?
I have to admit to being confused. BBOX (Tritax Big Box) & EBOX. Are they the same company?
My ii.co.uk site cannot find EBOX, but finds BOXE (Tritax Eurobox).
Any explanation of these three would be very welcome!
Steve
BBOX - Tritax Big Box (UK warehouses)
EBOX - Tritax Eurobox (European warehouses) - quote in GBP
BOXE - Tritax Eurobox (European warehouse) - quote in EUR
So, 2 separate (but related) companies, the European one having 2 listings, one in GBP and one in EUR
Re: BBOX & UKCM - Recommended merger rumour
Posted: February 12th, 2024, 2:06 pm
by stevensfo
RockRabbit wrote:stevensfo wrote:I have to admit to being confused. BBOX (Tritax Big Box) & EBOX. Are they the same company?
My ii.co.uk site cannot find EBOX, but finds BOXE (Tritax Eurobox).
Any explanation of these three would be very welcome!
Steve
BBOX - Tritax Big Box (UK warehouses)
EBOX - Tritax Eurobox (European warehouses) - quote in GBP
BOXE - Tritax Eurobox (European warehouse) - quote in EUR
So, 2 separate (but related) companies, the European one having 2 listings, one in GBP and one in EUR
Thanks a million! I was seeing the word 'BOX" everywhere and wondered what was going on.
So a bit like Vodafone? All over the world?
Steve
Re: BBOX & UKCM - Recommended merger rumour
Posted: February 12th, 2024, 3:02 pm
by SKYSHIP
EBOX would have been a far better target for BBOX. Same logistics specialists. Also EBOX way under-valued on a 43% discount and a 110% covered 5c dividend giving a yield of 8.7%!
Perhaps the next target in the sector; though likely will fall to Private Equity.
Re: BBOX & UKCM - Recommended merger rumour
Posted: February 12th, 2024, 3:16 pm
by RockRabbit
SKYSHIP wrote:EBOX would have been a far better target for BBOX. Same logistics specialists. Also EBOX way under-valued on a 43% discount and a 110% covered 5c dividend giving a yield of 8.7%!
Yes, proposed deal makes no sense to me. If the deal goes through, they'll have to rename 'Big Box'. Perhaps call it 'Tritax Big and Mid Box'!
Re: BBOX & UKCM - Recommended merger rumour
Posted: February 12th, 2024, 6:10 pm
by MDW1954
RockRabbit wrote:SKYSHIP wrote:EBOX would have been a far better target for BBOX. Same logistics specialists. Also EBOX way under-valued on a 43% discount and a 110% covered 5c dividend giving a yield of 8.7%!
Yes, proposed deal makes no sense to me. If the deal goes through, they'll have to rename 'Big Box'. Perhaps call it 'Tritax Big and Mid Box'!
Around two-thirds of UKCM's assets are warehouses, many with "final mile" potential. To me, with my supply chain hat on (I'm a visiting fellow in a supply chain and logistics department at a well-known business school), that does make some kind of sense. It's the other assets that worry me -- student housing, offices, hotels etc. I assume that these will be rotated out of the portfolio, and replaced with logistics assets.
MDW1954
Re: BBOX & UKCM - Recommended merger rumour
Posted: April 20th, 2024, 12:37 am
by torata
There's an interesting, even slightly worrying, article about this in the Times, suggesting that the motives of a major stakeholder, Phoenix, pushing for this merger may be not fully disclosed.
https://www.thetimes.co.uk/article/warehouse-mega-merger-questioned-over-phoenix-rebates-sj9qjxkwnIt's also been archived:
https://archive.md/0MCVktorata