Shares in shopping centre operator Hammerson fall

Shares in shopping centre operator Hammerson fell slightly but kept most of the gains notched up following the announcement that French shopping centre operator Klepierre proposed buying the group in a deal valued at £4.88 billion

The atock was trading at 535 pence in London this afternoon, down from 553 pence reached on Monday, when shares climbed more than a quarter in the wake of news of the offer.

The French company said it offered 615 pence per share, a premium of about 40.7 per cent to Hammerson’s closing price on March 16th. Klepierre said the proposal was made on March 8th and that it was rejected by the Hammerson board in less than 24 hours.

“The approach by Klepierre is unsolicited and entirely opportunistic in its timing,” Hammerson said in a statement.

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Hammerson owns Dundrum Town Centre, the Ilac Centre in Dublin, the Pavilions in Swords and the Kildare Village outlet, along with significant assets in France and the UK. "The Board of

Hammerson has unanimously rejected the proposal on the grounds that it very significantly undervalues Hammerson, its track record of delivery, the quality of its portfolio, its market positions, and the opportunities it has for future value creation.”