Shopping centre owner Intu has been granted a deadline extension for talks to take the company private.
Intu is currently in talks with a consortium of businesses which are considering making a cash offer for the company. The deadline for talks to reach a deal is now 5pm on 22 November.
The consortium bidding for Intu comprises of Intu’s largest shareholder, Peel Group, Saudi conglomerate Olayan Group and Brookfield, a Canadian private equity group.
In a statement, Intu stressed that talks remained in the “preliminary stages” and added that despite the discussions “there can be no certainty that any offer will be made for the company, nor as to the terms on which any offer might be made.”
Yesterday (14 November), it was announced that four House of Fraser stores in Intu shopping centres are set to close, after the shopping centre owner failed to reach a deal on rents with Sports Direct. Intu will take back the stores in February and March 2019.