Hammerson the subject of stakebuilding by activist investor Elliott Advisors
21 APR 2018
Hammerson [LON:HMSO], a UK-based property company, has seen the activist investment firm Elliott Advisors build a 1.52% stake. The stake, held via derivatives, was disclosed in a London Stock Exchange filing on Friday, 20 April.
Hammerson agreed to acquire UK-based rival Intu [LON:INTU] in December, but Hammerson’s board withdrew its recommendation for the offer on 18 April, citing a downturn in the UK's retail sector and changing "market dynamics."
The French property company Klepierre [EPA:LI] made a 615p per share bid approach for Hammerson last month, which Hammerson rejected. Klepierre followed up with a 635p per share proposal on 11 April, which was also rejected. Klepierre announced on 13 April that it does not intend to make an offer for Hammerson.
Hammerson’s market capitalisation stood at GBP 4.28bn (EUR 4.86bn) at the close of trading in London on Friday, 20 April.
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