Shopping center owner Hammerson is facing a backlash from shareholders on plans to trim its portfolio of properties amid simmering frustration over its handling of takeover bids earlier this year.
Activist investor Elliott Advisors, which recently increased its stake in Hammerson to almost 5.3%, has spent the past few weeks rallying other shareholders to call for a more radical shake-up than the one due to be proposed this week by David Atkins, the chief executive.
He is expected to outline plans to sell some under-performing properties to improve the quality of its portfolio and protect itself from a volatile retail environment, particularly in the UK.
They are ready to push for Hammerson to sell some of its most valuable UK assets, such as the Bullring shopping center in Birmingham, one of its best-performing properties. Mr Atkins also faces pressure to exit some markets, such as Ireland and France, entirely.
Mr Atkins and the board were criticized after resisting a takeover by French rival Klepierre. It offered £6.35 (US$8.34) per share for Hammerson, which is now trading at around £5.30 (US$6.96).
Full Content: Financial Times
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