A large investor in Hammerson has said that the shopping centre owner should “walk away” from a proposed merger with Intu, its rival, and instead “properly engage” in takeover talks with Klépierre, a French suitor.
In a stinging rebuke, the top 20 shareholder told The Times that Hammerson’s board was “naive” and “entrenched” in its resistance to Klépierre, adding that the French property company’s latest takeover approach — at a higher 635p a share, half in cash and shares — was starting to look “pretty compelling”.
“Hammerson in the long run is not going to be helped by buying a company [Intu] with a highly leveraged balanced sheet — Intu is an impaired asset,” he said. “The only people who benefit from the deal [with Klépierre] not happening is Hammerson’s senior management because they will continue to get their pay cheques.”
The Telegraph reported on the rejection of the revised offer from the French company. Hammerson chairman David Tyler said: “The board has considered the revised proposal from Klepierre carefully.
“At 635p, it is only a 3pc increase on the previous proposal and continues very significantly to undervalue the company.”
The Times writes a comment piece describing Klépierre as “haggling for a real bargain”.
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