Blackstone has increased its offer to buy St Modwen to nearly £1.3bn, securing the backing of further shareholders for the deal, the private equity firm said today.

The housebuilder and logistics developer said in a statement to the City that Blackstone had upped its offer to 560p per share, equating to £1.273bn, and a premium of more than 25% on the closing share price on the day before the offer was revealed.

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