Hammerson, a British developer operating in the field of commercial real estate, has for the second time refused to deal with its French competitor Klepierre.
Klepierre has improved its bid and was willing to pay 635 pence for each Hammerson stock — 50% in cash and 50% by its own shares, Daily Mail reports. Based on this, the French company estimated Hammerson at 5.04 billion pounds ($7.2 billion).
Klepierre initially made a bid to buy Hammerson in early March, offering the price of 615 pence per share, or 4.88 billion pounds in total.
Chairman of the Board of Directors at Hammerson, David Tyler, said that the revised bid was carefully studied.