Consortium raises its offer for Intu by 5%
Shares in the UK shopping mall owner are likely to increase when the JSE opens on Friday
Share in JSE-listed UK shopping mall owner Intu are likely to jump about 21% to about R40 when the JSE opens on Friday on the news that a consortium wanting to take it private has raised its offer.
Intu issued a statement on Friday morning saying the “indicative offer” from the Peel Group, the Olayan Group and Brookfield Property Group had been raised to £2.15 from £2.05 per share, an increase of 5%.
At Friday morning’s exchange rate of R18.74/£, this equates to about R40.30.
Intu’s share price jumped 23.5% on October 5 on the news it had a new suitor after getting jilted by Hammerson in April.
Friday morning’s statement said the consortium’s cash offer was about 210.4p since there was a clause saying the £2.15 included dividends, and Intu is paying a 4.6p interim dividend.
“In order to advance discussions regarding the possible announcement of a firm offer, the independent committee has resolved to grant the consortium access to certain due diligence materials. A further announcement will be made when appropriate,” Intu said.