Retail property giant Hammerson has knocked back a revised offer from French counterpart Klépierre.

Hammerson, which has put its proposed tie-up with retail property peer Intu on hold following Klépierre’s interest, said the latest proposal was insufficient but it “remains open to discuss any proposal from Klépierre which properly reflects the value of the company”.

The revised Klepierre proposal of 635p per Hammerson share, comprising 50% in new Klépierre shares and 50% in cash, was put to Hammerson chairman David Tyler on Monday evening at a meeting with Klépierre executive board chairman Jean-Marc Jestin.

Tyler said: “The board has considered the revised proposal from Klépierre carefully. At 635p, it is only a 3% increase on the previous proposal and continues very significantly to undervalue the company.”

Hammerson chiefs believe that its “track record of delivery, the quality of its portfolio, its market positions, and the opportunities it has for future value creation” would merit a better offer from any suitor.

A ‘put up or shut up’ deadline of 5pm on Monday April 16 has been put in place for Klépierre either to announce a firm intention to make an offer for Hammerson or to walk away.

Hammerson has delayed proceeding with its own planned takeover of Lakeside owner Intu until after the Klépierre deadline passes.