Express & Star

Intu shares jump on fresh bid

Shares in shopping centre landlord Intu jumped more than 14 per cent this morning after a consortium of investors upped its takeover bid for the company.

Published
The intu Merry Hill shopping centre at Brierley Hill

Peel Group,Olayan Group and Brookfield Property Group have revised an initial proposal of 205p per share up to 215p per share after engaging with company directors.

That values Intu at £2.85 billion.

The bidders will now conduct due diligence with a view to making a firm offer by a November deadline.

In April, Hammerson, abandoned a takeover bid for Intu, which owns the Merry Hill shopping centre at Brierley Hill.

I also owns the Arndale Centre in Manchester and Lakeside in Essex

Intu said: "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."

Peel and Olayan already hold a 29.9 per cent stake in Intu.

Intu said both proposals included a number of pre-conditions and there can be no certainty that these will be satisfied or waived.

It intends to release a trading update for the period from the start of July "as soon as practicable", which will include an updated independent valuation of the company's investment and development properties as at September 30.