Intu shares plummet 40% after consortium withdraws bid

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Shares in shopping centre landlord intu have collapsed by almost 40% after a John Whittaker and Brookfield-led consortium announced it was withdrawing its takeover bid.

Intu shares fell to as low as 114p today, closing at 116.95p, almost half the 210.4p a share indicative offer made by Peel Group, the Olayan Group and Brookfield Property Group.

In a statement earlier today, intu said that market conditions meant the consortium could not continue with its proposed offer within the timeframe set out by City takeover rules.

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