Klépierre’s revised offer, again a mix of 50% cash and 50% shares, was conveyed in a meeting between David Tyler, chairman of Hammerson, and Jean-Marc Jestin, chairman of the executive board of Klépierre, on Monday. The offer is a 3% improvement on the original offer last month. On the one hand, the second offer reflects a 45% premium to Hammerson’s undisturbed share price, and on the other hand it is a 20% discount to EPRA NAV of 790p, published last Thursday in the rushed first quarter trading update.