September 9, 2019 / 7:04 AM / 5 months ago

Intu shares set to rise on report of private equity bid

Sept 9 (Reuters) - Shares in Intu Properties Plc are expected to jump as much as 10% on Monday, premarket indicators showed, after The Times reported that private equity firm Orion Capital Managers was mulling a buyout of the British shopping centre operator.

Orion Capital is in the early stages of finding partners for a buyout of Intu, which has been hit by store closures and company voluntary agreements (CVA) by several high-profile firms, the report here said.

Several well-known brands including Debenhams, Toys R Us, House of Fraser, New Look and HMV have succumbed to tough trading conditions and filed CVAs, an insolvency procedure used by retailers to restructure leases.

Intu declined to comment on the report, while Orion Capital did not immediately respond to a Reuters request for comment. (Reporting by Shashwat Awasthi and Noor Zainab Hussain in Bengaluru; editing by Arun Koyyur)

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