Hammerson suitor Klépierre has eye on fate of Intu deal - MergerMarket.com
Klépierre [EPA:LI] will be watching the outcome of Hammerson’s [LON:HMSO] proposed acquisition of Intu[LON:INTU] with interest, a source close and a person familiar with the situation told this news service.
Klépierre said last week (13 April) that it no longer intended to pursue an acquisition of Hammerson, after the latter refused to engage following a GBP 5.04bn revised approach from the French company. Klépierre's approach was conditional on Hammerson abandoning its planned takeover of Intu.
Hammerson announced the GBP 3.4bn merger in the form of a scheme of arrangement with Intu last December, but this week pulled its recommendation of the deal saying it would no longer be in its shareholders' interest. The deal, however, could still close if it is approved by shareholders on both sides.
Under UK takeover rules, Klépierre is prevented from returning with a new bid for Hammerson for six months following its withdrawal. After that period lapses, Klépierre will not make another offer if the Intu deal goes through, the person familiar said. Klépierre is curious to see how this situation plays out, the person familiar added.
A minority Hammerson shareholder said that he was surprised by the Hammerson board’s change of heart and that the Intu acquisition still appeals to him. UK property stocks are being discounted in a bearish market and Intu represents a buying opportunity, he said. Other Hammerson shareholders, such as J O Hambro and APG, were reported as opposing the deal.
Klépierre, Hammerson and Intu declined to comment.
Under UK takeover rules, Klépierre is prevented from returning with a new bid for Hammerson for six months following its withdrawal. After that period lapses, Klépierre will not make another offer if the Intu deal goes through, the person familiar said. Klépierre is curious to see how this situation plays out, the person familiar added.
A minority Hammerson shareholder said that he was surprised by the Hammerson board’s change of heart and that the Intu acquisition still appeals to him. UK property stocks are being discounted in a bearish market and Intu represents a buying opportunity, he said. Other Hammerson shareholders, such as J O Hambro and APG, were reported as opposing the deal.
Klépierre, Hammerson and Intu declined to comment.