Empiric Student Property and Unite Group have been granted an extension of the deadline for Unite Group to make a potential offer for the company.
Talks have continued for the past month, but Empiric said they had not reached a conclusion in time for the Takeover Panel’s initial deadline of 5pm yesterday (3 July 2025). The Panel has now agreed to a new deadline of 5pm on 31 July 2025.
The extension provides more time for Unite to complete its due diligence, however the due diligence conducted so far has reinforced the potential benefits of acquiring Empiric’s portfolio, including increased scale and growth opportunities and the potential to to appeal to a broader customer base.
Unite’s £710m cash-and-shares bid was revealed last month by Empiric when the company said it received a non-binding proposal from Unite on 7 May to acquire its entire share capital.
In a statement to the London Stock Exchange approved by Unite, Empiric said due diligence undertaken so far had reinforced Unite’s belief that the acquisition of Empiric’s high-quality portfolio would provide it with greater scale and enhanced growth opportunities aligned to the UK’s strongest universities.
Empiric’s differentiated customer proposition would also enable Unite to appeal to a broader customer base through increased exposure to the attractive market for returner students.
The possible acquisition is expected to enhance shareholder returns and maintain financial stability, although there is no certainty that an offer will be made. By the new deadline, Unite must either announce a firm intention to make an offer or declare it does not intend to proceed.
