Peel Group given more time to make a £2.8bn bid for Intu
A consortium attempting to take over shopping centre giant Intu has been granted more time to make a firm offer or pull out of the £2.8bn deal.
The Takeover Panel said that the consortium, led by John Whittaker’s Peel Group, now has until 5pm on November 15 to either put up or shut up.
Intu is behind 18 shopping centres across the UK, including the Trafford and Arndale Centres in Manchester, Lakeside in Essex and Metrocentre in Gateshead.
Earlier this month, Peel Group, Olayan and Brookfield Property tabled a £2.8bn offer for Intu.
The consortium has been granted access to company documents for due diligence as it considers whether to make a firm offer.