Intu gives suitors more time for takeover bid: Reuters

British shopping centre owner Intu Properties said on Thursday that it had again extended the deadline for a consortium led by Deputy Chairman John Whittaker to make a formal offer for the company.

The owner of Manchester’s Trafford Centre said that Whittaker’s Peel Group and its Saudi Arabian and Canadian partners now have until November 30 to make a firm offer or walk away from Intu.

Intu said the consortium has largely completed its due diligence, with no reason to change its indicative proposal of 210.4 pence per share.

Update: The consortium, which includes Brookfield Asset Management and Saudi Arabia’s Olayan Group, made a preliminary offer in October.

(Reporting by Noor Zainab Hussain in Bengaluru; editing by Patrick Graham)

(This story has been edited by Kirk Falconer, editor of PE Hub Canada)