30th Oct 2018 15:55
LONDON (Alliance News) - DBAY Advisors Ltd said Tuesday it now holds an 87% stake in recruiter Harvey Nash Group PLC.
The company together with Bidco, a new entity indirectly owned by investment funds controlled by DBAY, received acceptances for 65.6 million shares.
As it overcame the 75% threshold, DBAY will de-list Harvey Nash from the London Stock Exchange.
The offer will remain open for acceptance until further notice, DBAY said.
Last week, Harvey Nash urged shareholders to accept the deal - if they do not, they will hold minority positions in a private company with "very limited" liquidity.
At the end of September, DBAY said it would acquire all the shares in Harvey Nash it did not currently own, in a GBP98.7 million takeover.
Harvey Nash shares were trading down 0.8% at 130.0 pence.