Hammerson rejects second takeover bid from French rival

The Highcross in Leicester

Shopping centre owner Hammerson, which runs the Highcross in Leicester has rejected a second bid from French rival Klépierre.

The French firm upped its bid from 615p per share to 635p per share in a meeting between David Tyler, chairman of Hammerson, and the chairman of the Executive Board of Klépierre, Jean-Marc Jestin, on the evening of 9 April, Hammerson revealed this morning (11 April).

In a statement to the London Stock Exchange, Hammerson said it “strongly advised shareholders to take no action.”

Late last week, Hammerson put its proposed takeover of intu, which runs shopping centres in Nottingham and Derby, on ice in the wake of Klépierre’s interest.

This morning, David Tyler, chairman of Hammerson, said: “The Board has considered the revised proposal from Klépierre carefully. At 635p, it is only a 3% increase on the previous proposal and continues very significantly to undervalue the company.”