Hammerson’s French rival steps away from takeover bid

French real estate firm Klépierre has announced this morning it will not make an offer to takeover shopping centre owner, Hammerson.

Klépierre made its first bid to acquire Hammerson, which owns the Victoria Gate centre in Leeds, in March. On Monday, it made a revised proposal of 635 pence per Hammerson share, comprising 50% in new Klépierre shares and 50% in cash – 3% above its original bid. Hammerson rejected the revised bid. 

Klépierre has this morning said the increased proposal represented a premium of 45% to Hammerson’s undisturbed share price of 437.10 pence per Hammerson share on 16 March 2018.

The firm added: “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.”

The French company, which specialises in shopping centres, had until 16 April to make a firm intention to acquire Hammerson or announce that it did not intend to make an offer.