Retail developer Hammerson has withdrawn its £3.4 billion ($4.86 billion) bid for rival Intu, the company’s board announced today.

Hammerson blamed the stockmarket’s undervaluation of retail real estate for scuttling the deal.

“Despite the resilience of Hammerson’s portfolio and strong operating metrics in Q1 2018, the equity market’s perception of the broader UK retail property market has deteriorated since the start of the year,” the company said in a prepared statement. “This has led to a disconnect between the Company’s share price and the fundamental value of its business and prospects.”

Hammerson’s board also said there had been some pushback from shareholders to the bid, which was made in December. “It is also apparent from extensive engagement with shareholders, in particular in recent weeks, that there is a wide range of views on the merits of the Intu Acquisition,” the statement read. “As a result, the Board of Hammerson has concluded that the heightened risks associated with the Intu Acquisition outweigh the long-term rewards that can be expected in comparison to other strategic options open to the Company.”

This marks the end of a tumultuous few weeks for Hammerson. Earlier this month it rejected a takeover bid from France’s Klépierre, which was subsequently withdrawn.

Hammerson owns 22 shopping centers — including Birmingham’s Bullring — throughout the U.K., Ireland and France, plus 15 U.K. retail parks and 20 outlet centers across Europe. Intu owns 20 centers across the U.K. and Spain.