UPDATE 1-UK's St. Modwen Properties gets $1.68 bln potential offer from Blackstone
(Adds details on potential offer)
May 7 (Reuters) - St. Modwen Properties said on Friday private-equity firm Blackstone Group had made a potential takeover offer, valuing the British property developer at around 1.21 billion pounds ($1.68 billion).
The London-listed company said the possible offer of 542 pence per share in cash was at a premium of about 21% to the stock's last close.
St. Modwen, which has operations in England and South Wales, said its board would be willing to recommend the proposal unanimously should Blackstone make a firm offer at that price by the June 4 deadline.
Blackstone is currently performing due diligence as the possible offer is subject to certain pre-conditions, it said. ($1 = 0.7192 pounds) (Reporting by Yadarisa Shabong in Bengaluru; Editing by Anil D'Silva)
