Intu bidders given more time to consider £2.8bn takeover

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Intu takeover

A consortium of firms looking to acquire the Intu shopping centre group has been given more time to finalise an offer or pull out of the £2.8 billion deal.

The Takeover Panel said that the consortium – led by the Peel Group and featuring the Olayan Group and Brookfield Property Group – now has until 5pm on November 15 to make up their mind.

The news of the deadline extension comes a week after Intu said the value of its shopping centres has fallen amid difficult retail conditions.

The initial deadline was 5pm on November 1.

Intu deputy chairman John Whittaker is also part of the Peel Group.

Earlier this month, Peel Group, Olayan and Brookfield Property tabled a £2.8 billion offer for Intu.

The consortium has also been granted access to company documents for due diligence as it considers whether to make a firm offer.

Between them, Peel Group and Olayan Group already have a 29.9 per cent stake in Intu.

The proposed acquisition price is significantly less than what rival shopping centre giant Hammerson considered paying before it abandoned a £3.4 billion takeover in April.

Intu operates 18 shopping centres across the UK, including the Trafford and Arndale Centres in Manchester, Lakeside in Essex and Metrocentre in Gateshead.

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1 COMMENT

  1. John Whittaker – sharpest businessman in the U.K. for 30 years. Creates gold from derelict sites. He generally gets what he wants – then sells it again for 3x five years later….

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