Klépierre does not intend to make a takeover offer for Hammerson after its latest offer was rejected, the French retail group has said.
In a statement to the London Stock Exchange, the French retail group said Hammerson’s board “did not provide any meaningful engagement” with the increased offer of 635p per share it made on 9 April.
Hammerson rejected the offer – an increase on Klépierre’s initial offer of 615p – on Wednesday, stating that it “significantly undervalued” the company, its track record and the quality of its portfolio.
Klépierre’s offer represented a 45% premium to Hammerson’s share price of 437.1p prior to news of the takeover bid. The share price rose to as high as 578.2p following the announcement last month, but has fallen more than 13% in the first minutes of trading this morning to about 450p.
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