Hammerson's offer was conditional on the approval of its shareholders. In light of the Hammerson Board's decision to change its recommendation and to advise its own shareholders to vote against the intu Transaction, intu believes that there is now no realistic prospect that this condition will be satisfied.
The Board of intu continues to believe that the terms of the intu Transaction are fair and reasonable for intu shareholders. However, given the circumstances outlined above the Board of intu believes that it is in the best interests of its shareholders, employees and other intu stakeholders for the situation to now be resolved. Accordingly, the Board of intu has determined not to proceed with posting the Scheme of Arrangement documents to intu's own shareholders, which has also entailed withdrawing its recommendation of the intu Transaction.
The intu Board has therefore consented to the Takeover Panel releasing Hammerson from its obligations under Rule 2.7(b) and Rule 24.1 of the Takeover Code to proceed with the intu Transaction.
As a result, the Takeover Panel has confirmed that, upon Hammerson announcing that it will not exercise any rights it may have to implement the intu Transaction by way of a takeover offer: (a) Hammerson will be released from its obligations under Rule 2.7(b) and Rule 24.1 of the Takeover Code to proceed with the intu Transaction; (b) the offer period will end; and (c) Hammerson will be subject to Rule 35.1 of the Takeover Code pursuant to which Hammerson will be prohibited from, amongst other things, making any offer for intu without the consent of the Takeover Panel for a period of 12 months.
The Board of intu is entirely confident of intu's stand-alone commercial future and prospects as evidenced by the trading update issued on 17 April 2018.