LondonMetric and Schroder Real Estate Investment Trust (SREIT) have updated the financial terms on an all-share offer for Picton, now valuing the firm at a market consideration of £397m.

The consortium has stated that Picton shareholders would receive 0.19 LondonMetric shares and 0.894 SREIT shares per Picton share, up from 0.881 SREIT shares. The exchange ratio of LondonMetric share is unchanged.

The revised consideration, up from £396m, represents a premium of 6.8% to the property investment firm’s closing share price of 72.1 pence on 9 July.

The Picton board said that it has “carefully considered” its supportive shareholder feedback, and has reflected on its extensive strategic review and formal sale process.

As a result, it is minded to unanimously recommend the revised proposed offer to its shareholders, should a firm intention be announced by the consortium.

Following the announcement, shares in Picton increased by almost 2%.

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