The property group which co-owns Birmingham's Bullring and Grand Central shopping centres has dismissed an offer to buy the company.
Hammerson said the bid by French group Klépierre significantly undervalued the company after the Paris-based investor and mall operator made a offer which valued it at 615 pence per share.
In a statement to the London Stock Exchange today, Hammerson described the approach as "unsolicited and entirely opportunistic in its timing" and its board had unanimously rejected it on the grounds it "very significantly" undervalued the group.
The statement added that Hammerson remained fully committed to acquiring Intu Properties, the company which owns and operates the Merry Hill centre in Dudley, after the proposed deal was first announced in December.
Hammerson, along with Land Securities and Henderson Global Investors, was part of the the original development team of the Bullring which opened in 2003 and it still owns 50 per cent of the city centre mall.
In 2016, it acquired the Grand Central shopping centre above New Street from Birmingham City Council, later selling 50 per cent of its stake to Canadian Pension Plan Investment Board.
Hammerson's chairman David Tyler said: "The proposal from Klépierre is wholly inadequate and entirely opportunistic.
"It is a calculated attempt to exploit the disconnect between our recent share price performance and the inherent value of our unique and irreplaceable portfolio which is delivering record results.
"The Hammerson board sees absolutely no merit in Klépierre's proposal and has unanimously rejected it.
"The board strongly advises shareholders to take no action."
Klépierre said it had made a proposal to the board of Hammerson on March 8 with the intention of engaging in dialogue regarding a possible offer for entire company.
"The proposal represents a premium of approximately 40.7 per cent to the closing price of 437.10 pence per Hammerson ordinary share on March 16, 2018, and the consideration would comprise a combination of cash and shares in Klépierre.
"The board of Hammerson rejected the proposal in less than 24 hours."