Shares in mid-cap retail property group Hammerson rocketed 24% on Monday following news it had been approached by French shopping centre operator Klépierre earlier this month.
Hammerson rejected Klepierre’s takeover bid, valued at £4.88bn, saying it “very significantly” undervalued the company.
Klépierre, which owns more than 100 shopping malls across Europe, now has until 16 April to table a bid or walk away from Hammerson, which has had to put a vote on its £3.4bn takeover of rival Intu on hold following the French intervention.
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