The Peel Group (“Peel”), The Olayan Group (“Olayan”) and Brookfield Property Group on behalf of funds or vehicles which are managed or advised by it (“Brookfield”), (together the “Consortium”), note the recent press speculation and confirm that the Consortium is in the preliminary stages of considering a possible cash offer (the “Possible Offer”) for the issued (and to be issued) share capital of Intu not already owned by members of the Consortium.
The Consortium's consideration of the Possible Offer is at a preliminary and exploratory stage and no approach has been made to the Board of Intu.
There can be no certainty that any transaction will ultimately be forthcoming, nor can there be any certainty as to the terms of any such transaction.
Pursuant to Rule 2.5 of the Code, the Consortium reserves the right to introduce other forms of consideration and/or vary the form or mix of consideration for the Possible Offer.
A further announcement will be made if appropriate.
In accordance with Rule 2.6(a) of the Code, the Consortium is required, by not later than 5.00 pm (London time) on 1 November 2018 to announce a firm intention to make an offer for the shares it does not already own in Intu in accordance with Rule 2.7 of the Code or announce that it does not intend to make an offer, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies. This deadline can be extended with the consent of the Panel in accordance with Rule 2.6(c) of the Code.
As at the date of this announcement, Peel and Olayan, and their respective concert parties are interested in 405,669,386 shares in Intu in aggregate, representing approximately 29.9% of the share capital of Intu. Brookfield is not interested in any shares in Intu.