April 18, 2018 / 6:26 AM / 5 months ago

BRIEF-Hammerson Withdraws Shareholder Recommendation For Intu Deal

April 18 (Reuters) - Hammerson Plc:

* WITHDRAWAL OF RECOMMENDATION IN RESPECT OF INTU PROPERTIES PLC

* CONCLUDED THAT PROPOSED INTU ACQUISITION IS NO LONGER IN BEST INTERESTS OF SHAREHOLDERS

* IT IS WITHDRAWING ITS RECOMMENDATION TO HAMMERSON SHAREHOLDERS TO VOTE IN FAVOUR OF INTU ACQUISITION

* EQUITY MARKET’S PERCEPTION OF BROADER UK RETAIL PROPERTY MARKET HAS DETERIORATED SINCE START OF YEAR

* LED TO A DISCONNECT BETWEEN COMPANY’S SHARE PRICE AND FUNDAMENTAL VALUE OF ITS BUSINESS AND PROSPECTS

* BOARD HAS NOTIFIED INTU

* BOARD OF HAMMERSON IS COMMITTED TO MAXIMISING VALUE FOR SHAREHOLDERS IN SHORTER AND LONGER TERM

* BOARD IS THEREFORE REVIEWING OPTIONS TO ACCELERATE DELIVERY OF VALUE FOR SHAREHOLDERS

* REASSESSING OPTIMAL PORTFOLIO MIX THROUGH APPROPRIATE DISPOSALS

* SEEKING OPPORTUNITIES TO INVEST FURTHER INTO HIGHER-GROWTH SEGMENTS SUCH AS PREMIUM OUTLETS AND IRELAND

* AN UPDATED EVALUATION OF RISK-ADJUSTED POTENTIAL RETURNS FROM COMPANY’S CAPITAL PROJECTS

* PURSUING CAPITAL RETURNS TO SHAREHOLDERS, AS APPROPRIATE, AND IN LINE WITH HAMMERSON’S STRONG CREDIT METRICS

* TARGETING MOST EFFICIENT COST AND OPERATING STRUCTURE WHILE MAXIMISING CUSTOMER AND RETAILER EXPERIENCE Source text for Eikon: Further company coverage: (Reuters.Briefs@thomsonreuters.com)

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