Hammerson, a British developer operating in the field of commercial real estate refused to deal with its French competitor Klepierre, Interfax reports on Monday.
On March 8, the French company made a bid for Hammerson, offering 4.88 billion pounds (about $6.8 billion). The British company quickly rejected it, according to Dow Jones.
Chairman of the Board of Directors of Hammerson, David Tyler, called the price “completely inadequate and completely opportunistic.”
Klepierre made an offer that estimates the British developer at 40.7% higher than the closing price of the market on Friday.
As a reference, Hammerson is the largest owner of shopping malls in the UK. Stock quotes of Hammerson have jumped 25% in the course of trading on Monday. Earlier, the price growth reached 26.6%, which is the most significant rise since 1990. The market value of the company Klepierre declined by 3.8%