Hammerson’s share price fell as much as 13% to R77.04 on the JSE on Friday morning, on the news that French suitor Klépierre had dropped its bid. "Klépierre confirms that on April 9, 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 an increased proposal to Hammerson on a standalone basis of £6.35 per Hammerson share for the entire issued and to be issued share capital of Hammerson," Klépierre’s statement said. "The increased proposal represents a premium of 45% to Hammerson’s undisturbed share price of 437.10p per Hammerson share on March 16. "The board of Hammerson did not provide any meaningful engagement with respect to the increased proposal and, after careful consideration, Klépierre has concluded that it does not intend to make an offer for Hammerson pursuant to Rule 2.7 of the City Code on Takeovers and Mergers." UK-based Hammerson announced on April 11 that Klépierre had in...

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