The Lemon Fool

LONDON (Reuters) - A consortium including British billionaire John Whittaker and Canada’s Brookfield Asset Management (BAMa.TO) is considering a bid for Intu Properties (INTUP.L), the 2 billion-pound shopping centre owner.

Article continues here:

https://uk.reuters.com/article/uk-intu-prop-m-a-brookfield/consortium-including-billionaire-whittaker-eyes-possible-bid-for-intu-idUKKCN1ME2CU

The share price is up 40% as I type to 190p putting the yield at 7.3% and discount to TNAV at 119p per share.

I have mixed feelings about the development. I’m not sure that the non-consortium shareholders will get a good deal out of this and it is early days in the offer process so this may go nowhere. I was happy holding before the bid but I’ve sold half my holding today due to my uncertainty.

Hammerson pulled out of a takeover of INTU 6 months ago; at I think a higher price than today. They are a high yielder true enough but the dividend record wouldn't cut it for my HYP.