Takeover talk supports Intu’s share price
Shares in Intu jumped yesterday following confirmation that a consortium of investors is looking to acquire the shopping centre group behind Braehead near Glasgow and Gateshead’s vast Metrocentre.
John Whittaker’s Peel Group is leading a group consisting of Saudi Arabia’s Olayan and Canada’s Brookfield in a bid to take control of Intu.
Whittaker is deputy chairman of Intu and Peel Group holds about 26 per cent in the shopping centre operator, which is behind 18 sites across the UK.
Intu’s shares have been under pressure since a £3.4 billion takeover by rival Hammerson fell through earlier this year.
In an announcement after the close of trading on Thursday, Whittaker’s group 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.”
Numis analyst Robert Duncan said: “We see limited likelihood of a bidding war. John Whittaker is, after all, a special purchaser given his [time] spent as deputy chairman and former ownership of jewel in the crown Trafford Centre.”