French property giant Klépierre has scrapped plans to bid for rival Hammerson.
On 11 April Klepierre offered a second, larger sum for the British shopping centre owner, which was rejected. The revised proposal was 635p per Hammerson share, comprising 50% in new Klépierre shares and 50% in cash. It was a marginal increase on Klépierre’s original bid last month of 615p.
In a statement, Klépierre 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.”