(Reuters) - A consortium led by Intu Properties Deputy Chairman John Whittaker has dropped plans to buy the British shopping centre group that owns Manchester's Trafford Centre, the company said on Thursday.
Intu also said two members of the consortium, Peel Group and Saudi Arabia's Olayan Group, remain interested in their 29.9 percent stake in the company.
"Given the uncertainty around current macroeconomic conditions and the potential near-term volatility across markets, the consortium is not able to proceed with an offer within a timeframe which is manageable," Intu said in a statement.
Intu said early last month a consortium including Peel, Olayan and Canadian property investor Brookfield Property Group was in the early stages of considering a possible cash takeover offer for the company.
Intu had also said it received an indicative proposal from the consortium of 205 pence per share in cash, which was later increased to 215 pence per share in cash.
Earlier this year Intu's larger rival Hammerson abandoned its offer of 253.9 pence per share for Intu, which has suffered from a downturn in British bricks-and-mortar retailing that has caused many high street stalwarts to go bust.
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(Reporting by Arathy S Nair in Bengaluru; editing by Sai Sachin Ravikumar)
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