French property giant Klépierre has announced it will not be making any more bids for Hammerson after being shot down a second time this week.
This morning the group said in a statement that it “does not intend to make an offer for Hammerson” after Hammerson’s board of directors unanimously rejected a sweetened £5.04 billion bid on Wednesday, saying it “significantly undervalued” the business.
It followed an earlier failed £4.88 billion bid last month, which although Hammerson rejected, led it to put its £3.4 billion takeover of rival shopping centre giant Intu while Klépierre made its position clear.
Hammerson’s share price has taken a beating since it announced the proposed takeover of Intu, with investment bank Credit Suisse downgrading the stock of both parties amid fears a tie up would dilute the quality of Hammerson’s estate.
Share prices bounced back after Klépierre’s bid, and its most recent bid represented a 45 per cent premium on its share price prior to its recovery.
The fate of the Hammerson-Intu tie up is now unclear, however while the deal has been put on pause Intu revealed strong performance over the Easter period.