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GlobeSt UPDATE: Grantchester MBO Team Concede Defeat as Hammerson Snaps up Shares

LONDON-The management buyout at retail parks specialist Grantchester has been abandoned following Hammerson's late bid for the company. Hammerson immediately went into the market and bought up an 18.25% stake in the company.

By Graham Parker | Updated on September 10, 2002

LONDON-Hammerson looks to have seen off the challenge for retail park developer Grantchester from a management buyout team, but other bidders could be waiting in the wings. Faced with Hammerson’s 250-per-share bid, directors Nick Hewson and Tim Walton abandoned their proposed management buyout when the company’s independent directors withdrew their recommendation that shareholders should back the MBO.

Within hours of announcing bid Hammerson had snapped up 12,777,155 shares in the market, giving it an 18.25% stake in the company. But in a Stock Exchange statement the Independent Directors did not rule out further bids.

“The independent directors remain in discussions with other parties interested in acquiring the company,” they said. “As a consequence, the independent directors advise shareholders to take no action with regard to acceptance of Hammerson’s offer at this stage.”

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