Intu shares rise after Orion tipped for takeover bid

Shares in shopping centre landlord intu have soared following reports that Aref Lahham’s Orion Capital is considering a takeover bid for the REIT. Intu’s shares, which surged by more than 20% to 44.2p when the market opened this morning, were up by roughly 12% (40.7p) at the time of writing. Orion is thought to be in the early stages of finding a partner for a buyout of the company. It has been gradually amassing a stake in intu since January – its holding currently stands at 9.2%. The landlord’s shares had tumbled by nearly 76% during the year, and was trading at around 85% discount to NAV. Should a buyout proceed, Orion would need to refinance its heavy debts. In its most recent trading update, intu outlined its aim to generate sufficient liquidity to reduce its 2021 debt maturities, with a total of £926m due to be refinanced that year. Intu declined to comment. To send feedback, e-mail pui-guan.man@egi.co.uk or tweet @PuiGuanM or @estatesgazette