Consortium considering cash bid for Chapelfield owner Intu
Copyright Archant Norfolk 2015
Shopping centre group Intu could be at the centre of its second takeover bid in a year.
A consortium including the Peel Group is considering a cash offer for the company, which owns Chapelfield in Norwich and Lakeside in Essex.
The offer is said to be at a “preliminary stage” with no approach made to the Intu board so far.
It follows a takeover bid by rival Hammerson earlier this year, which would have created Britain’s biggest property company, with £21bn of assets across Europe.
The £3.4bn deal was called off in late April after Bullring owner Hammerson withdrew a recommendation for shareholders to vote through the acquisition.
In an announcement after the close of trading on Thursday, Peel Group confirmed it had formed a consortium along with Saudi conglomerate Olayan Group and Canadian asset management company Brookfield.
A statement said: “The consortium’s consideration of the possible offer is at a preliminary and exploratory stage and no approach has been made to the board of Intu.”
Intu said it had not received an approach from the consortium, but added: “The board has formed an independent committee comprising all directors of Intu other than John Whittaker, who is connected to the consortium.
“The independent committee will consider any approach from the consortium, if made, and a further announcement will be made if and when appropriate.”
The consortium has until November 1 to make a firm offer for Intu, whose share price fell 3.2% to 148.5p on Thursday before news of the potential bid was confirmed.
If you value what this story gives you, please consider supporting the Eastern Daily Press. Click the link in the orange box below for details.