Hammerson withdraws takeover recommendation for rival Intu

Hammerson withdraws takeover recommendation for rival Intu

Bullring and Grand Central owner Hammerson said today that it is no longer recommending that shareholders vote in favour of its acquisition of Intu, which includes intu Merry Hill, just months after announcing an all-share offer for the firm.

Shopping centre giant Hammerson is pulling away from a deal to buy the company which owns Nottingham's Victoria and Broadmarsh centres.

Hammerson detailed the reasons it was withdrawing its recommendation, including that the stock market's view of the United Kingdom retail property market had "deteriorated" since the start of the year.

But Hammerson announced on Wednesday (April 18) it is no longer recommending its shareholders vote in favour of the final plan - blaming weakening consumer confidence and fears over the number of United Kingdom retail chains which have collapsed into administration in recent months.

Following a meeting between the two companies, Klepierre said it had made a decision to walk away from its takeover attempt because Hammerson "did not provide any meaningful engagement with respect to the increased proposal". "As a result, the board of Hammerson has concluded that the heightened risks associated with the Intu acquisition outweigh the long-term rewards that can be expected in comparison to other strategic options open to the company".

Hammerson would have become the biggest United Kingdom property company with £21bn in assets if the deal had gone through.

It said: "The board of intu is entirely confident of intu's commercial future and prospects".

However, Intu has hit back and noted that it regards as unsatisfactory the explanations given by the board of Hammerson for its withdrawal.

Another top ten Hammerson investor told Reuters on Wednesday that Klepierre's offer of 635 pence per share had drawn a line in the sand for the company's bosses to match or better.

Klepierre can not revive its bid for Hammerson for at least six months under British rules, unless Hammerson invites the French company back sooner.

For the Intu takeover to proceed, shareholders in both companies must vote on it at separate meetings.

Hammerson says that it will now undertake a review, including looking at possible disposals...

On Friday APG Asset Management, Hammerson's third-largest shareholder, said it would vote against the Intu purchase, citing the pressures on the United Kingdom retail industry and increased financial leverage. However, Hammerson said it would not hold its investor meeting if Intu and Britain's Takeover Panel agree.

"Hammerson, on a standalone basis, should be in a stronger position to allocate capital to its faster growing markets, such as premium outlets", analysts at Liberum said.

Related News:

  • Barbara Bush funeral planned for Saturday at Houston church

    Barbara Bush funeral planned for Saturday at Houston church

    Martin's Church at 717 Sage Road in Houston where she will lay in repose between noon and midnight. Barbara Bush , wife of one President Bush and mother to another, died Tuesday in Houston.
    Check out the teaser of Harshvardhan Kapoor's Bhavesh Joshi Superhero

    Check out the teaser of Harshvardhan Kapoor's Bhavesh Joshi Superhero

    When Harshavardhan was asked about the same, he said quite candidly that the film will not remind one of Sidharth or Imran. Eventually, after we had shot Mirzya , Vikram went over to Rakeysh Mehra sir's office who showed him the rushes unedited.
    Man Gets Second Face Transplant In Medical First

    Man Gets Second Face Transplant In Medical First

    Last summer, he was admitted to hospital and in November doctors had to remove his face due to irreparable necrosis. The donor was 22". "So I've become 20 years younger". "If I hadn't accepted this new face it would have been bad ".
  • UnitedHealth Group Incorporated (NYSE:UNH) posted quarterly profit that beat estimates

    UnitedHealth Group Incorporated (NYSE:UNH) posted quarterly profit that beat estimates

    Moreover, Joel Isaacson And Communications Lc has 0.13% invested in UnitedHealth Group Incorporated (NYSE: UNH ) for 3,362 shares. On Tuesday, November 28 the stock of UnitedHealth Group Incorporated (NYSE: UNH ) has "Buy" rating given by Jefferies.
    Erdogan meets Turkey nationalist chief on snap poll call

    Erdogan meets Turkey nationalist chief on snap poll call

    President Rouhani also said the three countries' cooperation has already led to great regional achievements which need to be preserved.
    Erenumab: Monthly Injection To Prevent Migraines 'Could Be Available Next Year'

    Erenumab: Monthly Injection To Prevent Migraines 'Could Be Available Next Year'

    According to The Times , the injections could be available to migraine sufferers in the United Kingdom as early as next year. Erenumab was the first drug in its category when Novartis filed with the US Food and Drug Administration (FDA) a year ago .
  • Morgan Stanley Is a Standout and Priced Accordingly

    Morgan Stanley Is a Standout and Priced Accordingly

    The Manufacturers Life Insurance Company bought a new stake in Morgan Stanley during the third quarter worth $311,936,000. ILLEGAL ACTIVITY WARNING: This article was first published by Macon Daily and is the sole property of of Macon Daily.
    Bruno Sammartino Passes Away At 82 Years Old

    Bruno Sammartino Passes Away At 82 Years Old

    The stories that Larry Zbyszko told during his Hall of Fame induction really made me want to know much more about Bruno. Sammartino retired from the ring in 1981 and worked on WWE television as a ringside commentator.

    Wentz expecting to play Week 1

    Philadelphia Eagles quarterback Carson Wentz speaks during a news conference in Philadelphia on Tuesday, April 17, 2018. He declined to go into detail about the progress he's made, but Wentz said he has started running.
  • I won't hold anything back this time, insists Mo Farah

    I won't hold anything back this time, insists Mo Farah

    The team at the London Marathon have put together an incredible field with guys like Eliud Kipchoge and Daniel Wanjiru. You have to enjoy what you do, otherwise what's the point?
    Philippines' Duterte personally ordered arrest of Australian nun

    Philippines' Duterte personally ordered arrest of Australian nun

    The nun was detained for " disorderly conduct " on Monday and held at the immigration bureau in Manila for almost 24 hours. The president then warned "leftist groups" to stop inviting foreigners into the country.
    Tom Brady has not yet committed to playing in 2018

    Tom Brady has not yet committed to playing in 2018

    Brady, the reigning NFL MVP, has been sacked 517 times in the regular and postseasons over his 19-year NFL career. His wife Gisele Bundchen said Brady wasn't having fun and didn't feel appreciated the past few years.


Most liked

Rana, Russell shine as KKR beat Delhi by 71 runs
Glenn Maxwell (47 from 22 balls) and Rishabh Pant (43 from 26) kept Delhi in the hunt in a 62-run partnership from 32 balls. Kolkata Knight Riders had a match to remember against Delhi Daredevils and would want to continue that form.

Nikki Haley hits back at White House in rift over Russian Federation sanctions
The officials said a decision was then made to announce the sanctions as an answer to Russia's response to the strikes. Nevertheless, Haley's assertion about imminent sanctions was off-base, according to the people.

Donald Trump urges Turkey to release jailed American pastor
Trump (@realDonaldTrump) April 18, 2018Brunson has been working in Turkey for 23 years as leader of the Resurrection Church. Brunson reacted emotionally as the ruling was read out, telling his wife Norine in English: "I am going insane ".

LPL Financial LLC Acquires 12487 Shares of Corning Inc. (GLW)
According to their observations and findings, the stock could provide a high EPS of $0.33/share and a low EPS of $0.26/share. In looking the SMA 200, we see that the stock has seen an 27.96%.The Company's net profit margin for the 12-months at 0%.

Kathua rape-cum-murder accused plead not guilty, demand narco test
It also withdrew its offer to contest the case of the accused free of cost. The apex court directed the next hearing on April 27.

Global Oil Prices Rise To $72
This includes a possibility of a heightened conflict in the Middle East , plus the renewed U.S. sanctions against Iran . Oil prices settled higher on Tuesday as investors continued to monitor geopolitical tensions in the Middle East .

Cary Elwes and Jake Busey Join Stranger Things Season 3 Cast
Most recently, Jake Busey starred in the Shane Black / Fox feature The Predator , which is coming out in September. I wonder if Robin, Mayor Kline and Bruce's paths will cross in season 3.

Russian Federation says to probe Facebook after Telegram crackdown
Russia's telecoms regulator has repeatedly warned Facebook it could be banned this year unless it complies with a law on the personal data of Russian nationals.

Missiles and confrontations may thwart Yemen peace — United Nations envoy
Tehran has repeatedly denied arming the rebels, which would violate a United Nations weapons embargo slapped on Yemen in 2015. Al-Maliki repeated previous statements accusing Iran of providing missile components to the Houthis.

Ariana Grande Is Back - See Her New Single Announcement
Listen to Newsbeat live at 12:45 and 17:45 every weekday on BBC Radio 1 and 1Xtra - if you miss us you can listen back here. The charity event was organised in response to the attack on the singer's gig at the Manchester Arena two weeks earlier .

IPhone X Made 5x the Profit of 600 Android OEMs Combined
Thanks to a host of budget smartphones on offer by Chinese OEMs, their cumulative profits crossed US$ 1.3 billion during Q4 2017. Of course that's nothing new for Apple who is known to be the most profitable smartphone company in the world by a wide margin.

Twins, Indians Getting 26th Players for Puerto Rico
Minnesota starter Jake Odorizzi (1-1) gave up six hits and four runs, all of them coming across on homers, in five-plus innings. Lindor and Minnesota's Eddie Rosario were the Puerto Ricans in the lineup, and favorites of the sold-out crowd of 19,516.

National Weather Service confirms EF1 tornado touched down near Wendell
It was created to help nonprofits with immediate needs after a disaster, such as replacing a roof that was blown off. County workers have cleared debris off roadways but still need to pick it up off the sides of county roads, he said.

Go Behind The Scenes of Amy Schumer's 'I Feel Pretty'
But first off, it's not about an ugly troll becoming handsome , it's about a woman who has low self-esteem finding some. Your friends who you think are so handsome , they could be struggling too.

Fired FBI Director Comey and President Trump Trade Insults
He said he isn't hoping for Trump's impeachment because that would "let the American people off the hook ". He also said: "People in this country need to stand up and go to the voting booth and vote their values".