Intu’s board has said it is “entirely confident” of the “stand-alone commercial future” of the shopping centre owner as it formally announced the termination of discussions of a takeover by Hammerson.
“In light of the Hammerson board’s decision to change its recommendation and to advise its own shareholders to vote against the intu transaction, intu believes there is now no realistic prospect this condition will be satisfied,” the company said in a statement.
The board confirmed it has consented to release Hammerson from its obligation to proceed with the intu acquisition.
It comes after Hammerson’s board withdrew its recommendation on 18 April for its proposed £3.4bn tie-up with the rival shopping centre owner, saying the deal was “no longer in the best interests of shareholders”.
Under takeover panel rules, the bid had to continue, so Hammerson’s board asked shareholders to vote against the deal.
The takeover panel today confirmed Hammerson will be released from its obligations.
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