Hammerson now free to resume intu takeover
Pan-European shopping centre investor Klepierre has confirmed it will not be making a formal bid for Hammerson after two informal approaches valuing the company at £5bn were rejected by the UK-based landlord.
Klepierre said Hammerson’s board had failed to show any ‘meaningful engagement’ so it had decided to walk away ahead of the April 16 deadline imposed by the Takeover Code. Under the Code Klepierre is now precluded from making any further approaches to Hammerson for six months unless a third party makes a bid.
In a stock exchange announcement Klepierre said : “The board of Hammerson did not provide any meaningful engagement with respect to the increased proposal and, after careful consideration, Klepierre has concluded that it does not intend to make an offer for Hammerson.”
Hammerson is now free to resume the process of completing its agreed takeover of rival shopping centre owner intu. It had put the process on ice until Klepierre’s intentions became clear, and the next stage will be for Hammerson’s shareholders to vote on the acquisition. intu’s shareholders have already voted in favour of the deal.
Hammerson’s share price fell 12 per cent to 460p on the news.