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Intu receives £2.9bn bid

Shopping centre developer and property company Intu has announced it has received a possible bid offer that values it at £2.9bn.

barton square courtyard view

Intu Trafford Centre

The offer comes from a consortium comprising privately owned investor Peel Group, Saudi conglomerate Olayan Group and real estate company Brookfield Property Group. 

The offer of 215p per share was tabled on 17 October. It is subject to adjustment for dividends payable by Intu before completion, including the interim dividend of 4.6p per share that is due to be paid on 20 November.

An initial offer of 205p per share was made on 11 October. Intu formed an independent committee including all directors – other than Peel Group chairman John Whittaker, who is part of the bidding consortium – and its financial advisers to consider the offer.

The consortium is now undergoing due diligence in preparation for making a formal offer. 

The move comes after Intu’s failed merger with fellow property company Hammerson, which was blocked by shareholders after Hammerson turned down a buyout offer from French property firm Klépierre.

Intu owns 14 shopping centres, including Intu Lakeside, Intu Merry Hill and Intu Trafford Centre. 

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