Property mogul John Whittaker has upped his stake in shopping centre owner intu, spending £1.9m on shares today.
Whittaker, the company’s deputy chairman and majority shareholder, acquired 980,225 shares at £1.969 per share, bringing his total interest to 27.3% of the company.
The share buy follows the failed £3.4bn Hammerson merger with intu last month, which would have seen Whittaker retain his ownership within the enlarged group.
Hammerson’s board announced on 18 April that it was withdrawing its recommendation for the deal because the equity market’s perception of UK retail property had deteriorated since the start of the year and this had led to “a disconnect between the company’s share price and the fundamental value of its business and prospects”.
The proposed takeover, which was first announced in December, would have created the UK’s largest shopping centre owner.
Whittaker has not commented on the failed deal, but was reportedly unhappy with the result.
Intu has said it is confident about its “standalone commercial future”.
Its share price fell 5.8% in April.
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