StockMarketWire.com - Retail property developer Intu Properties said Friday it was considering a 215p a share takeover offer from a consortium backed by Peel Group, the Olayan Group and Brookfield Property Group.

The offer valued Intu at £2.91bn, representing a 21% premium to the stock’s closing price on Thursday. The offer marked an improvement on the initial 205p a share bid tabled last week.

In a bid to advance talks of a deal, the consortium had been granted access to certain due diligence materials, the company said.

Under market rules, the consortium would be required to make a firm offer by not later than 5.00 p.m. on 1 Nov.

The takeover offer would be reduced by any dividends or other distributions declared, payable or paid by Intu prior to completion, the company said. At 8:33am: [LON:INTU] Intu Properties share price was +23.25p at 200.95p



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