Hammerson rejects fresh Klépierre approach

Bullring, Birmingham

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.

This content is only available to registered users

You must be logged in to continue

Gated access promo

Would you like to read more?

Register for free to finish this article.

Sign up now for the following benefits:

  • Four FREE articles of your choice per month
  • Breaking news, comment and analysis from industry experts as it happens
  • Choose from our portfolio of email newsletters

To access this article REGISTER NOW

Would you like print copies, app and digital replica access too? SUBSCRIBE for as little as £5 per week.

Registered users and subscribers SIGN IN here to continue