The Board of Hammerson announces the terms of a cash offer, to be made by Dresdner Kleinwort Wasserstein on behalf of Hammerson, to acquire the whole of the issued and to be issued ordinary share capital of Grantchester.
The Offer of 250 pence in cash for each Grantchester Share values the existing and to be issued share capital of Grantchester at approximately Â£192 million and represents:
a premium of approximately 22.0 per cent. to Grantchesterâ€™s Adjusted Net Asset Value per share of 205 pence as at 31 March 2002 (the date of the latest published unaudited interim results of Grantchester);
a premium of approximately 14.7 per cent. over Dundonaldâ€™s offer, announced on 21 August 2002, of 218 pence per Grantchester share; and
a premium of approximately 20.2 per cent. over the average closing middle market price of 208 pence per Grantchester share in the three months preceding 20 August 2002, the last dealing date prior to the announcement of Dundonaldâ€™s offer.
Commenting on the Offer, Ronald Spinney, Chairman of Hammerson, said:
â€œWe indicated at the time of our recent investment in Parc Fforestfach in Swansea that our strategy was to make further acquisitions of retail parks. Grantchester has one of the most attractive portfolios in the sector and there are synergies with our existing retail assets. Our offer represents a 14.7 per cent. premium to the recommended offer by Dundonald.â€
(source: Hammerson plc)