Shopping centre landlord, Intu, has updated on discussions concerning a possible takeover bid from a consortium led by its largest shareholder, John Whittaker.

The group said in a statement this morning that it was considering an improved proposal of 215p per share from the consortium, which comprises Whittaker’s Peel Group, Saudi Arabia’s Olayan Group and the Canadian asset manager Brookfield Property. This was up from the 205p proposal put forward on 11 October.

Both preliminary offers would be reduced by “any dividends or other distributions declared, payable or paid by Intu before completion,” including Intu’s interim dividend of 4.6p per share due to be paid on November 20. As such, the revised possible offer stands at 210.4p per share.

Intu said an independent committee — excluding the Peel and Olayan Groups, which combined own about 30% of the shares — was considering these proposals, neither of which were yet firm offers. The group said it had agreed to grant the consortium access to certain due diligence materials in order to advance discussions.

Shares in the group rose 14% in early trade.

Earlier this year, Intu’s longtime chief executive left the company following a failed £3.4m takeover attempt by rival Hammerson.

By law, the group led by Mr Whittaker must announce a firm intention to make an offer, or to withdraw, by November 1, though this deadline can be extended if permission is granted from the UK’s Takeover Panel.

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