Store Capital announces expiration of "go-shop" period for $14B buyout deal
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Real estate investment firm Store Capital (NYSE:STOR) announced on Monday the expiration of the "go-shop" period set forth in the previously announced definitive merger agreement with GIC and Blue Owl's Oak Street division.
On Sep 15, 2022, Store Capital (STOR) signed a definitive deal where GIC and funds managed by Oak Street agreed to acquire all the outstanding shares of Store Capital's common stock for $14B in an all-cash transaction.
Subject to approval by the company’s stockholders and the satisfaction of certain other customary closing conditions, the transaction is expected to close in the first quarter of 2023.
Once the transaction is complete, Store Capital (STOR) shares will no longer be listed on the NYSE.
Under the "go-shop" period, which expired at 11:59PM ET on October 15, 2022, representatives of Evercore and Goldman Sachs, financial advisors to the company, actively solicited acquisition proposals from 15 potentially interested third parties.
To date, none of the third parties contacted by the company or its financial advisors, or any other third parties, have made an acquisition proposal following the execution of the merger agreement.
The REIT now becomes subject to customary "no-shop" provisions that limit its ability to explore acquisition proposals with, or provide non-public information to, third parties, subject to exceptions specified in the merger agreement.