Whittaker-led consortium spells out terms of intu bid
The consortium led by Trafford Centre developer John Whittaker that announced it was preparing a bid for troubled shopping centre giant Intu Properties has now made an approach to the board, and a firm offer is expected before 1 November 2018.
The consortium comprises Whittaker’s Peel Group which holds a 26 per cent stake in Intu; the Saudi-based Olayan Group which holds 3 per cent and financial backer Brookfield Property Group, based in Canada.
After initially offering 205p per share, Whittaker’s consortium has upped its indicative bid to 215p per share after talks with the intu board. Prior to the consortium showing its hand intu shares were trading at 148p, although a year ago the board accepted an offer of 240p per share from Hammerson.
Intu has opened its books to allow the bidder to start due diligence and under the takeover code a firm bid must be on the table before 5pm on 1 November 2018.
