Intu announces 3rd extension on £2.8bn takeover bid

809

Intu has given a consortium of investors yet another extension – the third so far – on their deadline to finalise a takeover offer ahead of a 5pm cutoff today.

The shopping centre giant’s latest extension leaves the consortium led by Intu deputy chairman John Whittaker, with the Peel Group, Saudi Arabia’s Olayan Group and Canada’s Brookfield Property Group, until November 30 to officially table an offer.

Intu had extended the deadline for a second time on November 14, stating it needed more time to finalise and agreement with the consortium.

It stated that the consortium has now made “substantial progress” in securing its financing for the offer and was close to completing its due diligence process.

In October, the consortium made an initial offer of £2.85 billion for Intu, well beneath the £3.4 billion figure rival shopping centre Hammerson had considered paying for the retail property group before pulling out of talks in April.

This price, which represents 210.4p per share, is not understood to have changed.

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

Click here to sign up to Retail Gazette‘s free daily email newsletter