31st Oct 2018 07:51
LONDON (Alliance News) - Intu Properties PLC said on Wednesday it has extended the deadline for a consortium of investors to make a firm offer for the company to November 15, from November 1.
In mid-October, the dual-listed shopping mall operator confirmed it has received a proposal from Peel Group, Olayan Group, and Brookfield Property Group.
Following "further engagement", intu received a revised proposal from the consortium of 215p per share in cash, it said.
The terms of both the initial and revised proposals provide that the mooted consideration will be reduced by any dividends declared or paid by intu prior to completion of the deal. This includes intu's interim dividend of 4.6p per share, due to be paid in November.
Accordingly, the consideration under the revised proposal would be 210.4p per share. That price values intu at GBP2.85 billion.
Shares in Intu Properties were flat at ZAR36.85 in Johannesburg on Wednesday.
Related Shares:
INTU.L