X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

LONDON-Hammerson looks to have seen off the challenge for retail park developer Grantchester from a management buyout team, but other bidders could be waiting in the wings. Faced with Hammerson’s 250-per-share bid, directors Nick Hewson and Tim Walton abandoned their proposed management buyout when the company’s independent directors withdrew their recommendation that shareholders should back the MBO.

Within hours of announcing bid Hammerson had snapped up 12,777,155 shares in the market, giving it an 18.25% stake in the company. But in a Stock Exchange statement the Independent Directors did not rule out further bids.

“The independent directors remain in discussions with other parties interested in acquiring the company,” they said. “As a consequence, the independent directors advise shareholders to take no action with regard to acceptance of Hammerson’s offer at this stage.”

[ Hammerson Trumps Grantchester MBO with $300M Bid]

[ Grantchester Quits Quoted Sector]

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.