The different levels of a new Debenhams department store are seen at Intu Properties' Watford shopping centre Britain September 24 2018. REUTERS/ PETER NICHOLLS
The different levels of a new Debenhams department store are seen at Intu Properties' Watford shopping centre Britain September 24 2018. REUTERS/ PETER NICHOLLS

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.

Image: Iress

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.

laingr@businesslive.co.za

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