Intu properties has given the consortium led by John Whittaker a second extension allowing them to consider making a £2.9bn offer.
The consortium is made up of Whittaker’s investment firm the Peel Group, Saudi Arabian company the Olayan Group and Canada’s Brookfield Property Group.
On 4 October 2018 the consortium announced it was considering making a cash offer for the company and has already been granted a two week extension by Intu. The new extension gives the consortium until 5pm on 22 November to make a firm offer after Intu said “good progress” has been made following the first extension.
In a statement made today Intu said: “Good progress has been made with the consortium and in response to a request from the consortium to further extend the deadline to enable continued discussions, the board of intu requested that the panel on takeovers and mergers 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 22 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.”
The proposed deal values Intu, which owns Manchester’s Trafford Centre and the Lakeside shopping centre in Essex, at £2.91bn.