Intu share price soars in potential takeover bid

Intu’s shares have surged by 26% this morning at 187.4p, after a consortium comprising John Whittaker’s Peel Group, Brookfield and Olayan Group said it was preparing a bid. As first revealed by EG, Canadian private equity group Brookfield has been working on a prospective offer for the landlord. The move also means John Whittaker is planning to take intu Properties private through the deal. The shopping centre owner’s share price was 148.55p when the markets closed yesterday, giving it a market capitalisation at the time of £2.1bn. The possible bid has also bolstered the share prices of other retail landlords. Share price at rival Hammerson, which shelved a £3.4bn takeover of intu in April, grew by 5.3% this morning. Shares nudged up by 2.8% at British Land, and by 3.5% at Landsec. To send feedback, e-mail pui-guan.man@egi.co.uk or tweet @PuiGuanM or @estatesgazette