Intu Shares Surge on Speculation of Private Equity Bid

Shares in Britain’s Intu Properties surged as much as 22% on Monday on speculation a private equity group could buy out the shopping centre operator, which has been hit by high-profile retail failures and a hefty debt burden, Reuters reported. The Sunday Times reported that private equity firm Orion Capital Managers, founded by Aref Lahham, is in the early stages of finding partners for a buyout of Intu, which owns the Trafford Centre in Manchester. Intu shares, which have shed nearly two-thirds of their value this year, erased some early gains and were 10.9% higher at 40.5 pence by 0945 GMT, a far cry from their peak of 947 pence in 2006. The company is now valued at only around 540 million pounds. Intu declined to comment on the Sunday Times report. Read more