(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