Hammerson plc - Intu acquisition

Davy Research
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Hammerson has announced an all share offer for Intu, which we expect to be accepted given that it has received 50.6% irrevocable support from Intu shareholders. The price represents a 28% premium to Intu’s closing price and a P/NAV of 0.63x. The deal will create an enlarged pureplay in retail real estate.