French firm calls off Hammerson takeover bid

French shopping mall operator Klépierre has called off its takeove bid for Hammerson, owner of the Highcross in Leicester after saying the Hammerson board “did not provide any meaningful engagement” over an increased off earlier this week.

Klépierre confirmed that Jean-Marc Jestin, the chairman of the executive Board of Klépierre, met with the chairman of the Board of directors of Hammerson, David Tyler, on 9 April and made an increased proposal to Hammerson on a standalone basis of 635 pence per Hammerson share.

In a statement this morning, the French firm said: “The Board of Hammerson did not provide any meaningful engagement with respect to the Increased Proposal and, after careful consideration, Klépierre has concluded that it does not intend to make an offer for Hammerson pursuant to Rule 2.7 of the City Code on Takeovers and Mergers”