April 11, 2018 / 6:34 AM / 9 days ago

Britain's Hammerson rejects sweetened bid from France's Klepierre

April 11 (Reuters) - Britain’s Hammerson Plc said on Wednesday it had rejected a revised proposal from Klepierre after snubbing an earlier 4.9 billion pound ($6.96 billion) bid from the French operator of shopping centres.

Hammerson, which has its own plan to buy shopping centre operator Intu Properties in a deal worth 3.4 billion pounds, said Klepierre’s new proposal of 635 pence per Hammerson share represented “only a marginal increase” to the earlier bid of 615 pence.

“The Board has considered the revised proposal from Klépierre carefully. At 635p, it is only a 3 percent increase on the previous proposal and continues very significantly to undervalue the company,” Hammerson’s Chairman David Tyler, said. ($1 = 0.7045 pounds) (Reporting by Noor Zainab Hussain in Bengaluru; Editing by Gopakumar Warrier)

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