Klépierre S.A. has confirmed that on 9 April 2018, Jean-Marc Jestin, the Chairman of the Executive Board of Klépierre, met with the Chairman of the Board of Directors of Hammerson, David Tyler, and made a revised proposal to Hammerson on a standalone basis of 635 pence per Hammerson share, comprising 50% in new Klépierre shares and 50% in cash.
The French group stated that it did not get "any meaningful engagement" from Hammerson, and therefore will not make an offer.
David Tyler, Chairman of Hammerson, said: "The Board has considered the revised proposal from Klépierre carefully. At 635p, it is only a 3% increase on the previous proposal and continues very significantly to undervalue the company.The Board is confident in the intrinsic value of Hammerson and its prospects. It is entirely focused on delivering value for shareholders in the shorter and longer term."