Tritax Big Box Reit (BBOX ) has been granted a two-week extension to finalise or withdraw the all-share merger offer for UK Commercial Property (UKCM ) it made last month.

Under Takeover Panel rules, Tritax was supposed to have announced a firm intention to make an offer or state that it did not intend to by 5pm on Friday. However, the board of UKCM and the panel have agreed to extend the deadline to 5pm on 22 March to enable both sides to continue due diligence.

Since unveiling its 0.444 BBOX share offer, Tritax has seen its shares fall about 10p to 150p where they trade at about a 20% discount to asset value. This has slightly reduced the value of its £964m offer. Shares in Abrdn-managed UK Commercial Property are broadly unchanged at 65p on an 18% discount.

A merger between UKCM, a £1.2bn industrials-heavy generalist, and Big Box, a £5.1bn logistics specialist, would create a £6.3bn real estate portfolio encompassing a full range of small to large warehouses and distribution depots.

Unusually, while most of UKCM’s directors recommended the deal to shareholders, its chair Peter Pereira Gray did not, apparently believing it should remain a diversified Reit. The transaction does have non-binding acceptances from UKCM’s two biggest shareholders, Phoenix Life on 56.5% and wealth manager Investec on 13.1%.

Two other Abrdn Reits are currently embroiled in M&A activity. Abrdn Property Income (API ) is currently the subject of a bidding war between Custodian Property Income (CREI ) and Urban Logistics (SHED ), while Abrdn European Logistics Income (ASLI) last month dropped its quarterly dividend as it assessed merger proposals received during a strategic review.