intu notes the announcement issued by the Board of Hammerson this morning withdrawing its recommendation that its shareholders vote in favour of its all-share offer for intu.
As recently as 19 March 2018, in its first response to the approach by Klépierre S.A., Hammerson reaffirmed its intention to proceed with the intu Transaction stating that “the Board of Hammerson remains fully committed to [the intu Transaction], which the Board continues to believe will deliver significant value for Hammerson shareholders.”
Further, Hammerson issued a positive trading update on 5 April 2018.
intu also issued a trading update on 17 April 2018 which underlined its strong trading performance.
intu therefore regards as unsatisfactory the explanations given by the Board of Hammerson for its withdrawal of its recommendation of the intu Transaction, a transaction which intu has been pursuing in good faith since its announcement on 6 December 2017.
The Board of intu is entirely confident of intu’s commercial future and prospects. The trading update issued yesterday underlined the key strengths of intu’s business. intu will further update shareholders in due course on its plans.
The Board of intu will be meeting to consider Hammerson’s request not to convene a shareholders’ meeting to vote on the intu Transaction.