November 14, 2018 / 7:18 AM / a month ago

Intu gives Whittaker-led consortium more time to make a bid

(Reuters) - Intu Properties Plc (INTUP.L) said on Wednesday it had given a consortium led by Deputy Chairman John Whittaker until Nov. 22 to make a firm offer or walk away from a bid for the shopping center owner.

The proposed deal, backed by Saudi Arabia’s Olayan Group and Canadian property investor Brookfield Asset Management (BAMa.TO), valued the FTSE 250 firm that owns Manchester’s Trafford Centre at 2.91 billion pounds ($3.78 billion).

Intu said “good progress” had been made with the consortium.

Reporting by Noor Zainab Hussain in Bengaluru; Editing by Gopakumar Warrier

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