April 25, 2018 / 12:08 PM / 3 months ago

Intu withdraws recommendation for Hammerson's $4.7 billion takeover offer

(Reuters) - British shopping centre operator Intu Properties (INTUP.L) said on Wednesday it was withdrawing its recommendation for a takeover offer from Hammerson (HMSO.L) for 3.4 billion pounds ($4.74 billion).

Intu said it released Hammerson from its obligations to proceed with the deal and added that it would not proceed with the scheme of arrangement.

The move comes a week after Hammerson withdrew its recommendation to shareholders to vote in favor of the all-share offer for Intu.

($1 = 0.7171 pounds)

Reporting by Radhika Rukmangadhan in Bengaluru; editing by Jason Neely

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