Hammerson rejects new offer from Klepierre

Revised offer of 635p per share rejected by Hammerson board

Hammerson has received – and rejected – a revised proposal from Klepierre. The pan-European shopping centre investor’s chairman, Jean-Marc Jestin, met Hammerson’s chairman David Tyler on Monday 9 April to deliver the new offer, which is an increase on the initial offer of 615p per share, but which would be paid 50 per cent in cash and 50 per cent in Klepierre paper.

Hammson’s board unanimously rejected the offer, repeating its earlier assertion that Klepierre “very significantly undervalued Hammerson, its track record of delivery, the quality of its portfolio, its market positions, and the opportunities it has for future value creation.”

Tyler said: “The board has considered the revised proposal from Klepierre carefully. At 635p, it is only a 3 per cent increase on the previous proposal and continues very significantly to undervalue the company.”

Under the Takeover Code, Klépierre has until 5pm on April 16 to state whether or not it intends to make a firm offer for Hammerson. It has already said that if successful it would abort Hammerson’s agreed takeover of intu and Hammerson has put the acquisition process on hold until Klepierre’s intentions become clear.

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