Intu confirms it is considering takeover bid from John Whittaker

Intu Properties on Friday has confirmed it is considering a 215 pence per share takeover offer from a consortium led by Intu deputy chairman John Whittaker.

Earlier in the month it was revealed that Whittaker was understood to be working with US asset manager Brookfield and Saudi Arabia’s Olayan on a possible bid for the rest of the company.

Whittaker already owns a 27 per cent stake in Intu via his investment firm Peel Group, while Olayan has built up a 2.6 per cent stake in Intu.

Brookfield hold no stake in the company.

Intu has now confirmed it is considering a bid from the consortium, who have now been granted access to company documents in order to conduct due diligence, with a view to make a firm offer.

When news of a potential bid from Whittaker first emerged on October, shares rose over 35 per cent.

The jump in Intu’s share prices at the time are expected to have driven up the price of a possible takeover bid from £2 billion to £2.5 billion.

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