Hammerson’s board has unanimously rejected a second bid for the firm by French property giant Klépierre, as the proposed deal “significantly undervalued” the business.
The revised proposal is 635p per Hammerson share, comprising 50% in new Klépierre shares and 50% in cash. It is a marginal increase on Klépierre’s original bid last month of 615p.
Hammerson said the latest price does not “justify further engagement”, but added it remained open to discussions.
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.”