On 17 October, Intu received a revised indicative proposal of 215p per share.
The Intu board has formed an independent committee made up of all directors of Intu other than John Whittaker, due to his connection to the consortium.
The current proposal would be reduced by any dividends paid by Intu prior to the completion of the deal, meaning the actual offer would be 210.4p per share or less. The offer marked an improvement on the initial 205p a share bid tabled last week.
"Both proposals also included a number of pre-conditions and there can be no certainty (i) that any such pre-conditions will be satisfied or waived (ii) that any offer will be made or as to the terms of any such offer or (iii) that any offer, if made, will complete".More news: Meghan Markle scores fashion hat-trick during flawlessly styled Australia tour
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According to Intu the consortium is required, by not later than 5.00 pm on 1 November 2018, to either announce a firm intention to make an offer for the company or announce that it does not intend to make an offer.
"Intu's previously recommended bid from Hammerson was predicated on the upside shareholders could still realise as part of an all-share combination".
Whittaker already owns a 27 per cent stake in the company through investment fund Peel Group, while Olayan has a 2.6 per cent stake.
The proposed acquisition price values the company at around £2.8 billion, significantly less than rival retail property giant Hammerson considered paying for the company before it abandoned a £3.4 billion approach in April.