Deadline extended in £2.9bn battle for shopping centre group Intu
The deadline for a possible offer for shopping centre owner Intu has been extended.
Intu, which owns the Broadmarsh and Victoria Centre malls in Nottingham and a further one in Derby, is the target in a £2.9bn takeover battle by a consortium comprising the Saudi-based Olayan Group, Brookfield Property Group, and Manchester property giant Peel.
Under takeover rules, the consortium has until no later than 5pm tomorrow, November 1, to either announce a firm intention to make an offer for Intu, or announce that it does not intend to make an offer.
This deadline can be extended with the consent of the Panel on Takeovers and Mergers in accordance with Rule 2.6(c) of the Code.
Intu announced this morning: “In response to a request from the consortium to extend the deadline to enable continued discussions, the board of intu requested that the panel extend the deadline referred to above with respect to the consortium, in accordance with Rule 2.6(c) of the Code.
“Accordingly, an extension has been granted by the panel and the consortium must, by no later than 5pm on 15 November 2018, either announce a firm intention to make an offer for intu in accordance with Rule 2.7 of the code, or announce that it does not intend to make an offer, in which case the announcement will be treated as a statement to which Rule 2.8 of the code applies.
