A TAKEOVER of the UK's largest shopping and leisure centre could be on the cards after a billionaire upped his offer.

Share prices in intu Properties, which owns the Metrocentre, in Gateshead, and Eldon Square, in Newcastle, jumped up by 14 per cent yesterday morning as property tycoon and Peel Group chairman John Whittaker, made another offer to buy the company.

Valued at around £2.9billion, Mr Whittaker, made the offer as part of a consortium deal which also involves the Saudi investment group Olayan and Canadian private equity group Brookfield.

The Peel Group, which also owns Durham Tees Valley Airport as well as several other property and transport investments, is leading the consortium to take control of the shopping centre company, and make it private.

The consortium has now been given access to more data on the company ahead of a November 1 offer deadline.

Earlier this month the consortium announced it was in the preliminary stages of considering a possible cash offer for the company, with Intu confirming on October 11, that an indicative proposal from the consortium for 205p per share in cash had been received.

Following further discussions, intu, which owns shopping centres across the country, received a revised indicative proposal from the consortium of 215p per share in cash.

A statement from the intu yesterday said both proposals also included several pre-conditions.

It said: "In order to advance discussions regarding the possible announcement of a firm offer, the independent committee has resolved to grant the consortium access to certain due diligence materials.

"A further announcement will be made when appropriate. intu intends to issue a trading update for the period from July 1, 2018 as soon as practicable, which will include the outcome of an updated independent valuation of the company's investment and development properties as at September 30, 2018.

This announcement has not been made with the consent of the Consortium."

The consortium has until 5pm on November 1 to either announce a firm intention to make an offer for or announce that it does not intend to make an offer.

The proposed acquisition price from the consortium values the company at less than rival retail property giant Hammerson, which considered paying £3.4billion for the company before it abandoned its plan in April.

A spokesman for the Peel Group declined to comment further.