Intu properties has given a consortium, led by deputy chairman John Whittaker, a two week extension to make a firm bid or walk away from the £2.9bn deal.
On 4 October 2018 a consortium comprising the Peel Group, the Saudi Arabian Olayan Group and the Canadian investor Brookfield Property Group announced that they were in the preliminary stages of considering a possible cash offer for the company.
Under takeover rules the consortium was required, by no 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.
However the shopping centre owner has sought an extension to the deadline as the consortium wished to continue discussions. The proposed deal values Intu, which owns Manchester’s Trafford Centre and the Lakeside shopping centre in Essex, at £2.91bn
In an announcement released today (31 October 2018) Intu said: “In response to a request from the consortium to extend the above deadline to enable continued discussions, the board of Intu requested that the panel extend the deadline referred to above with respect to the consortium, in accordance with Rule 2.6(c) of the Code.
“Accordingly, an extension has been granted by the panel and the consortium must, by no later than 5.00 p.m. on 15 November 2018 either announce a firm intention to make an offer for Intu in accordance with Rule 2.7 of the Code or announce that it does not intend to make an offer.”