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Klépierre steps up attempts to engage with Hammerson

Klépierre is understood to be stepping up attempts to engage with Hammerson shareholders, after a takeover bid by the French shopping centre operator was rejected.

Earlier this month, Klépierre offered 615p per share for Hammerson, which it said represented a premium of around 40.7% to Hammerson’s closing price on 16 March 2018.

The proposal was rejected within 24 hours, as Hammerson said it “significantly undervalued” its business.

Hammerson, which owns Brent Cross in North London, Birmingham’s Bullring, is currently in the process of completing a £3.4bn merger with rival Intu.

At the time, chairman of Hammerson David Tyler said: “The proposal from Klépierre is wholly inadequate and entirely opportunistic. It 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.”

Klépierre is understood to be making contact with Hammerson and hopes to further engage with shareholders.

 

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