Retail property giant Hammerson has rebuffed a fresh approach from French rival Klépierre, saying the 635p a share bid “very significantly” undervalued the firm.
Klépierre’s renewed offer is 3% above the initial approach last month of 615p a share. It values Hammerson at £5bn, more than £800m above the firm’s current stock market value. The 635p a share offer also represents a 45% premium to the share price before Klépierre’s first approach became public and comprises 50% in new Klépierre shares and 50% in cash.
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