Intu Properties surges on potential bid

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Intu Properties surges on potential bid
Master Investor Magazine 42 cover

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Shares in FTSE 250 REIT Intu Properties (LON:INTU) climbed by 12.10% to 199.20p (as of 14:30 BST) after it confirmed that it had received a revised indicative proposal for a cash offer of 215p per share subject to an adjustment for dividends. Following that adjustement, shareholders would be entitled to 210.4p for each share.

The proposal is subject to a number of preconditions and there is no guarantee that these will be waived or met and therefore no guarantee that a final offer will be made. Management said that Intu will publish an update as soon as practicable, which will contain third-quarter performance information and an independent valuation of its portfolio at 30th September.

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