Intu grants Peel-led consortium more time to bid
Shopping centre owner Intu Properties on Wednesday said it had given a consortium led by its deputy chairman John Whittaker until November 15 to make an offer.
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Whittaker's Peel Group, which already holds around 27% of the firm, had teamed up with Saudi conglomerate Olayan Group and Canary Wharf owner Brookfield Property and tabled a £2.8bn offer.
The offer comes six months after the collapse of an agreed £3.4bn merger between Intu and rival Hammerson.
Intu shares, which had fallen around 30% since the collapse of the bid and are down 45% since the start of 2017, surged 25% to 186.48p earlier this month. With 17 shopping centres around the UK and Europe, Intu's net asset value stood at 309p per share at the end of June.