Intu and Peel progress £2.9bn takeover talks

Intu Properties owns 17 shopping centres including Chapelfield in Norwich

"Following further engagement, on 17 October 2018 intu received a revised indicative proposal from the Consortium of 215p per share in cash, subject to an adjustment for dividends".

Shopping centre landlord Intu, whose portfolio includes Braehead in Glasgow, has seen a consortium of investors up its takeover approach, valuing the company at around £2.8 billion.

Shares in Intu were up more than 14 per cent on the news that the company was mulling the offer to go private.

A statement issued by Intu revealed an independent committee, comprising all directors of intu other than John Whittaker, who is connected to the consortium, has resolved to grant access to due diligence materials "in order to advance discussions".

Peel Group is Intu's largest shareholder, with a 27% stake.

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The potential acquisition comes eight years after Intu, then Capital Shopping Centres, bought Manchester's Trafford Centre from Peel, in a £1.65bn deal which saw Peel chairman John Whittaker take a 20% stake in the company and £75m in cash.

"Accordingly, should any offer on the terms of the Revised Indicative Proposal be forthcoming the consideration would be 210.4 pence per share and may be reduced further by any other dividends or other distributions declared, payable or paid by intu prior to completion".

Intu's shares were trading as high as 203.9p on Friday morning.

The tabled bid is at a price significantly beneath that offered by Hammerson earlier this year as well as where analysts have been expecting it to need to be to gain intu Board approval.

Under market rules, the consortium would be required to make a firm offer by not later than 5.00 p.m. on 1 November.

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