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Intu: Hammerson makes 3.4 billion pound takeover bid.

(CercleFinance.com) - The share of Intu Properties, a British real estate that specialises in commercial real estate, has leapt almost 20% on the London Stock Exchange this morning, after Hammerson, a competitor and peer, announced a friendly takeover bid on the group.

In detail, Hammerson has offered to buy each Intu share for 0.475 Hammerson share to be issued. This, at yesterday's closing price, values Intu at 253.9 pence per share or about 3.4 billion pounds sterling (about 3.8 billion euros). Again according to the closing price on 5 December, this represents a premium of 27.6%. Intu recommends its shareholders accept the bid.

Pre-tax synergies are estimated at 25 million pounds per year through to the end of the second year following the merger's completion, which is estimated to cost 40 million pounds.

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