The company has confirmed talks to demerge the two businesses are moving forward, but had little else to say on the topic.

In a statement, Liberty officials say, "Such a transaction requires a number of third party approvals which have been requested and some of which are currently outstanding. The Board will only be in a position to decide whether to proceed or not once it has progressed these matters further."

The Gordon Family owns the largest shareholder portion, accounting for 14.8% of shares with their 92 million shares. The next largest shareholder is Indianapolis-based Simon Property Group, which holds a 6.3% stake through 35.4 million shares. Other shareholders include New York City-based BlackRock Inc. and UK-based Investec Asset Management Ltd.

In the US Liberty owns 15 assets, which could be disposed of if the demerger deal moves forward. According to a Wall Street Journal report, the company is said to be considering medium-term options for the US-based business, which is valued at $704 million.

Liberty, like so many other companies, has had to think of creative ways to ride out the financial downturn. According to a Reuters report, the real estate investment trust is the only one in the UK to have sold assets, stalled development projects and completed several share sales to stay afloat. For example, through share sales, Liberty raised $438.7 million in September and $925.9 million in April.