Chapelfield owners Intu made increased offer of £2.8bn in takeover talks
PUBLISHED: 12:09 19 October 2018 | UPDATED: 17:20 19 October 2018
Intu, the owner of the Chapelfield shopping centre, has been made a higher offer in an attempted takeover of the group by three property investors.
The Peel Group, the Olayan Group and Brookfield Property Group are now offering Intu a buyout offer, valuing the company at £2.8bn.
The three revised their initial proposal of buying shares for 205p up to 215p, following conversations with Intu’s directors.
Shares in Intu jumped more than 14% on Friday morning following the news.
The consortium will now be granted access to company documents as it considers whether to make a firm offer. The bidders must decide by November 1.
Peel Group, which is owned by Intu deputy chairman John Whittaker, already holds a 26% stake of the company.
The consortium’s valuation is significantly less than the £3.4bn rival property giant Hammerson offered in April before abandoning the deal.