Hammerson, the shopping centre owner, has told shareholders that it will not publish documents relating to its proposed acquisition of Intu until it knows whether its French rival Klépierre is going to make a takeover bid.
As it updated the market on its first-quarter trading yesterday, Hammerson said that the delay was necessary given the “unclear” position.
Klépierre made a £4.9bn takeover approach for Hammerson last month. The Telegraph said that Birmingham’s Bullring owner Hammerson immediately rejected the offer, calling it “wholly inadequate and entirely opportunistic”.
If the French retail giant, which has until April 16 to “put up or shut up”, does table a formal offer it could derail Hammerson’s proposed plan to merge with Intu in a £3.4bn all-share deal.
The FT adds that Hammerson used the Q1 update, an announcement it has not made in the past, to emphasise the strength and value of its own business.
In particular, without mentioning Klepierre, it has highlighted the difference between the French group’s possible 615p offer and its own latest net asset per value per share, of 790p at 31 March 2018 – a 1.8% increase in that quarter alone.
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Click here for the full Telegraph article
