Blackstone Gets More Time for Big Yellow Bid as UK Budget Looms

Blackstone Inc. has been given more time to assess a potential bid for UK self-storage landlord Big Yellow Group Plc, as uncertainty about upcoming changes to taxation in the autumn budget cloud the outlook for commercial real estate.

The alternative asset manager now has until Dec. 8 to make a firm offer or walk away from Big Yellow, which has a market capitalization of about £2.2 billion ($2.9 billion), according to a statement Monday. That pushes the deadline, which had been due to lapse on Nov. 10, past the date of Chancellor of the Exchequer Rachel Reeves’ fiscal statement later this month.