Intu jilted at the altar, again
A consortium consisting of Peel, Olayan and Brookfield Property has called off its offer to buy the JSE-listed UK shopping mall owner
Intu’s share price crashed 21% to R26.60 on Thursday morning after announcing that a group of investors has decided against buying the property group. The JSE-listed UK shopping centre owner issued a statement on Thursday morning saying a consortium of investors who were considering making its shareholders an offer had terminated the deal. This followed fellow JSE-listed UK shopping centre owner Hammerson’s decision to call off a proposed acquisition of Intu in April.
After jumping to R44 in December after the possible acquisition by Hammerson was announced and then sliding to R28, Intu’s share price rebounded in October when the new suitor emerged. On October 5, Intu issued a statement confirming a consortium consisting of Peel, Olayan and Brookfield Property were considering making an offer to buy its shares. Thursday’s statement said: “The consortium hereby states that it does not intend to make an offer for the issued share capital of Intu not already owned by members of t...
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