The offer valued Intu at £2.91bn, representing a 21% premium to the stock's closing price on Thursday.
A consortium comprising of the Peel Group, the Olayan Group and Brookfield Property Group, has upped its offer for intu, the shopping centre management company which owns Broadmarsh and Victoria Centre in Nottingham as well as intu Derby.
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. Canada's Brookfield does not hold a stake but does bring significant financial and real estate clout and does favour retail having recently completed the acquisition of GGP, the second largest mall owner in the U.S., for $15bn.More news: Mattis, Chinese counterpart discuss disputed sea
Peel Group, which is owned by Intu deputy chairman John Whittaker, already holds a 26 per cent stake in the company.
Intu is behind major shopping destinations such as Manchester's Trafford Centre and the Metrocetre in Gateshead, among others. At the time, Intu shares were worth 400p each.
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.More news: Leon Draisaitl scores in overtime, Oilers beat Bruins 3-2
The group's possible new suitors will now be given access to company documents for due diligence as it considers whether to make a firm offer - a firm decision must be made by November 1.
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.
Shares in Intu were up 23.6p to 201.3p this morning.More news: 2 men charged in Georgia officer's fatal shooting