Hammerson stock plunges as Klépierre drops its takeover bid

Hammerson shares plunged this morning as French shopping mall operator Klépierre called off its takeover bid for the company, which also owns the Highcross shopping centre in Leicester .

Klépierre stated the Hammerson board “did not provide any meaningful engagement” over its increased offer earlier this week.

Klépierre confirmed that Jean-Marc Jestin, the chairman of the executive Board of Klépierre, met with the chairman of the Board of directors of Hammerson, David Tyler, on 9 April and made an increased proposal to Hammerson on a standalone basis of 635 pence per Hammerson share.

In a statement this morning, the French firm said: “The Board of Hammerson did not provide any meaningful engagement with respect to the Increased Proposal and, after careful consideration, Klépierre has concluded that it does not intend to make an offer for Hammerson pursuant to Rule 2.7 of the City Code on Takeovers and Mergers”