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Intu Properties updates on possible takeover

Intu Properties updates on possible takeover

Intu Properties updates on possible takeover- Intu Properties (INTU) announced that there is currently a consortium of companies that are currently in the process of trying to put a cash offer together for Intu. The consortium consists of the Peel Group, the Olayan Group, and Brookfield Property Group. The independent committee formed by Intu decided to grant the consortium access to certain due diligence materials on 19 October 2018 (read more here). The consortium has informed Intu that their due diligence is almost complete and that they are in the process of financing the take over. Nothing in the consortium’s due diligence would change the original offer of 210.4p per share which was proposed on 17 October 2018. The price may be reduced by any dividends or other distribution declared, payable or paid by Intu prior to completion, other than the already agreed upon dividend of 4.5p per share that was paid on 20 November 2018.

The initial proposal remains subject to the consortium getting the funding they need from their lenders to complete the transaction. The consortium is required by to announce their intentions to either make an offer or not make an offer by 5:00pm on 30 November 2018. This was after an extension was granted by the Takeover panel to extend the deadline that was originally on 22 November 2018.

INTU- Intu Properties updates on possible takeover

 

 

 

 

 

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