Whittaker consortium granted extra time to prepare bid
The consortium comprising the Peel Group, the Olayan Group and Brookfield Property Group that has announced it is preparing to take Intu Properties private has asked for more time to prepare its bid.
Under the Takeover Code the consortium – which already controls 29% of Intu shares – had until 5pm on 1 November to make a formal offer. Now, the Intu board has agreed to a two-week extension to 5pm on on 15 November 2018. Any further extension to the deadline can only be granted with the consent of the Takeover Panel.
Intu shares fell 1.2% on the announcement.