Hammerson Rejects "Entirely Opportunistic" Klepierre Approach

Hammerson Rejects

The deal, which is said to have been a cash and share offer, was nearly immediately rejected by the FTSE 100-listed firm due to being seen as undervaluing the business, the newspaper said.

Hammerson said it remains fully committed to its Intu Properties acquisition.

Hammerson is responsible or jointly responsible for 37 shopping centres and retail parks across the UK, Ireland and France.

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The FTSE 100 company argues that the approach was "unsolicited and entirely opportunistic in its timing", and that "very significantly" undervalued the group. Hammerson itself agreed to buy smaller rival Intu Properties (INTUP.L) for about 3.4 billion pounds.

Klépierre's bid "is a calculated attempt to exploit the disconnect between our recent share price performance and the inherent value of our unique and irreplaceable portfolio which is delivering record results", Mr. Tyler said. "The Board strongly advises shareholders to take no action".

The proposal price of 615 pence per share represents a "significant discount" of 21% to Hammerson's EPRA NAV per share of 776p as at December 31, the company added.

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Hammerson said that it remained committed to the acquisition of Intu, saying it would offer "significant value" for shareholders, adding it would make Hammerson the United Kingdom market leader with 19 of the top 30 shopping centers. Based on Friday's closing price, Hammerson had a market capitalisation of GBP3.47 billion.

'The Hammerson board sees absolutely no merit in Klépierre's Proposal and has unanimously rejected it'.

Klépierre noted that the proposal "does not constitute an offer or impose any obligation" on itself to make an offer, nor does it "evidence a firm intention to make an offer" under rule 2.7 of the city code on takeovers and mergers.

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Klépierre said it would make a further announcement "if and when appropriate" and didn't respond to a request for comment on its next steps.

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