Intu shares, which have taken a battering this year, rose nearly 30 per cent to earlier this month as news of the possible takeover emerged - adding £550million to its value.
Intu Properties, which owns shopping centres across the country, has received a possible £2.9 billion takeover offer from a consortium led by John Whittaker, the billionaire owner of Peel Group.
In a statement intu said: "The independent committee formed by intu (comprising all directors of intu other than John Whittaker, who is connected to the Consortium) (the "Independent Committee") and its financial advisers met to consider the Indicative Proposal".
Intu, whose other sites include the Metrocentre in Newcastle and Trafford Centre in Manchester, in July issued its interim results to 30 June, swinging to a pre-tax loss of £503.4 million from a profit of £203.3m 12 months previously.
"Accordingly, should any offer on the terms of the Revised Indicative Proposal be forthcoming the consideration would be 210.4 pence per share and may be reduced further by any other dividends or other distributions declared, payable or paid by intu prior to completion". The Intu committee has agreed to allow the consortium access to due diligence materials "in order to advance discussions".
Hammerson's recommended all share offer had valued Intu shares at 253.9p each.
The consortium's valuation of Intu at £2.8bn is significantly less than what rival property giant Hammerson offered in April.
The potential acquisition still at a "preliminary and exploratory stage", and the consortium will be required to confirm whether or not it is making a firm offer by 1 November.