Peel, Brookfield and Olayan walk away from intu takeover
John Whittaker’s Peel Group, Olayan Group and Brookfield Property Group have abandoned their bid to take over shopping centre operator intu, sending the shopping centre operator’s shares plummeting.
Intu shares opened the day 33% down, at 128.75p per share, the largest one-day fall in the company’s history.
In a statement released today, intu and the group said: “Given the uncertainty around current macroeconomic conditions and the potential near-term volatility across markets, the consortium is not able to proceed with an offer within a timeframe which is manageable within the confines of the [Takeover] code timetable.”
John Whittaker’s Peel Group, Olayan Group and Brookfield Property Group have abandoned their bid to take over shopping centre operator intu, sending the shopping centre operator’s shares plummeting.
Intu shares opened the day 33% down, at 128.75p per share, the largest one-day fall in the company’s history.
In a statement released today, intu and the group said: “Given the uncertainty around current macroeconomic conditions and the potential near-term volatility across markets, the consortium is not able to proceed with an offer within a timeframe which is manageable within the confines of the [Takeover] code timetable.”
The group confirmed they were in the preliminary stages of putting together a cash offer that valued the company at £2.9bn in October, as revealed by EG.
The offer had an original deadline of 1 November 2018. Three extensions were made to the deadline, dragging this out to 30 November 2018.
Most recently, the group confirmed to intu on 21 November that its legal tax, accounting and commercial due diligence was complete with no intended change to the 210.4p per share proposal.
On 23 November, intu released a trading update which saw 12p shaved off its net asset value, coming it at 297p a share at 30 September. In the 16 weeks to 30 September its portfolio value slipped by 3%, or £298m.
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