High Street

Intu considering John Whitaker’s £2.8bn takeover bid

Shopping centre owner Intu has announced that it is considering a £2.8bn takeover bid from John Whittaker.

Whittaker currently owns 27% of the company and has formed a consortium via his investment firm Peel Group, US asset manager Brookfield and Saudi Arabia’s Olayan on a possible bid for the remaining stake of the company.

Intu confirmed on 11 October 2018 it received an indicative proposal from the consortium of 205 pence per share in cash, and the independent committee formed by Intu and its financial advisers met to “consider the indicative proposal”. Following further engagement, on 17 October 2018 Intu received a revised proposal from the consortium of 215 pence per share in cash.

A statement by the group read: “In order to advance discussions regarding the possible announcement of a firm offer, the independent committee has resolved to grant the consortium access to certain due diligence materials. A further announcement will be made when appropriate.”

According to Intu the consortium is required, by not later than 5.00 pm on 1 November 2018, to either announce a firm intention to make an offer for the company or announce that it does not intend to make an offer.

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