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Brookfield, Olayan, Peel Group mull cash takeover offer for Intu

A group comprising Brookfield Asset Management Inc.'s Brookfield Property Group LLC, Olayan Group and The Peel Group is in the early stages of considering a possible cash takeover offer for U.K.-based shopping center landlord Intu Properties PLC, confirming recent press speculation.

The group has not approached Intu's board regarding the matter, and there is no guarantee that the talks will lead to a transaction, according to an Oct. 4 statement.

The group now has until 5 p.m. London time on Nov. 1 to announce a firm intention to make an offer for Intu or decide otherwise.

In a separate statement, Intu said it had formed an independent committee of all directors — excluding John Whittaker, who is connected to the consortium — to consider any offer.

As of Oct. 4, Peel, Olayan and their affiliates owned 405,669,386 Intu shares, representing approximately 29.9% of the company's share capital, while Brookfield did not own any stake in the company.

In April, Intu's board decided to withdraw its recommendation in favor of an all-share acquisition by fellow U.K. retail landlord Hammerson PLC.