NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION

THIS IS AN ANNOUNCEMENT FALLING UNDER RULE 2.8 OF THE CITY CODE ON TAKEOVERS AND MERGERS (THE "CODE")

FOR IMMEDIATE RELEASE

5 December 2025

No intention to make an offer for Big Yellow Group PLC ("Big Yellow")

On 4 December 2025, Big Yellow announced that it had concluded there was no basis to continue discussions with Blackstone Europe LLP ("Blackstone") and that it intended not to extend the put-up or shut-up deadline of 8 December 2025.  

Blackstone confirms that it is not intending to make an offer for Big Yellow. Accordingly, Blackstone and any person acting in concert with it, except with the consent of the Panel on Takeovers and Mergers (the "Panel"), is bound by the restrictions under Rule 2.8 of the Code.

Under Note 2 on Rule 2.8 of the Code, Blackstone, and any person acting in concert with Blackstone, reserves the right to set the restrictions in Rule 2.8 aside in the following circumstances:

a)   with the agreement of the board of Big Yellow;

b)   if a third party announces a firm intention to make an offer for Big Yellow;

c)   if Big Yellow announces a Rule 9 waiver (see Note 1 of the Notes on Dispensations from Rule 9) or a reverse takeover (as defined in the Code); or

d)   if there has been a material change of circumstances (as determined by the Panel).

Enquiries: 

Important notice related to financial adviser

N.M. Rothschild & Sons Limited ("Rothschild & Co"), which is authorised and regulated by the Financial Conduct Authority in the United Kingdom, is acting exclusively for Blackstone and for no one else in connection with the subject matter of this announcement and will not be responsible to anyone other than Blackstone for providing the protections afforded to its clients or for providing advice in connection with the subject matter of this announcement.

Rule 26.1 disclosure

In accordance with Rule 26.1 of the Code, a copy of this announcement will be available (subject to certain restrictions relating to persons resident in restricted jurisdictions) at https://publishdocuments.co.uk by no later than 12 noon (London time) on the business day following the date of this announcement. The content of the website referred to in this announcement is not incorporated into and does not form part of this announcement.