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Hammerson, Intu Properties Reach Agreement On Merger Terms - Quick Facts

The Boards of Hammerson plc (HMSO.L) and Intu Properties plc (INTU.L) announced they have reached agreement on the terms of a recommended all-share offer by Hammerson to acquire the entire issued and to be issued share capital of Intu. Intu shareholders will receive: for each Intu share: 0.475 new Hammerson shares. The acquisition will result in Hammerson shareholders owning approximately 55 percent of the issued share capital of the enlarged Group and Intu shareholders owning approximately 45 percent of the issued share capital of the enlarged Group.

The terms of the acquisition represent a value of approximately 253.9 pence per Intu share, equivalent to 3.4 billion pounds for the entire issued and to be issued share capital of Intu. The Enlarged Group will be led by David Atkins, CEO, and Timon Drakesmith, CFO, will be called, Hammerson plc.

The Hammerson Board expects pre-tax synergies for the enlarged Group to reach a run-rate of approximately 25 million pounds per annum by the end of the second year following completion. Hammerson expects the acquisition to be accretive to earnings in the first full financial year following completion. The Group anticipates that the dividend growth of the enlarged Group will be at least in line with Hammerson's historical dividend growth.

Peel, which together with Cheeseden is expected to hold approximately 15 percent of the issued share capital of the enlarged Group at completion, will enter into a relationship agreement with the enlarged Group.

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