The new offer submitted by Paris Hôtels Roissy Vaugirard (PHRV) for French listed office landlord Foncière Paris France is still 'significantly below the company's intrinsic value', FPF said in a statement. The company will call a general meeting to issue a new recommendation to shareholders, it added.

PHRV announced on Friday that it was raising its takeover bid for FPF by 10% to EUR 110 for all the shares, from EUR 100 previously, while also lifting its bid for FPF's equity warrants and convertible bonds.

PHRV, which is owned by Allianz (31.4 %), Covéa (31.4 %) and FPF shareholder Cofitem-Cofimur (31.1 %), said 'the offer targeted the totality of the shares and securities giving access to the capital'. 'Thus, it should not be directly compared to the partial repurchase public offer project announced by FPF. At this stage, the FPF project is only potential and limited to 25% of the sole shares,' it added.

PHRV initially launched its EUR 100 cash offer on October 10. The bid was immediately rejected by FPF as hostile. In the following weeks, FPF also announced a EUR 117 per share buyback programme to counter PHRV's takeover offer.