21st Feb 2023 12:27
(Alliance News) - Hyve Group PLC on Tuesday confirmed it received a GBP300 million takeover approach from Providence Equity LLP and is considering its position.
Hyve, a London-based events organiser, said the conditional takeover approach by the Rhode Island, US-based media-focused equity investment firm comes at a price of 105 pence per share, 22% higher than Hyve's share price of 85.72p before the announcement. That would give the offer a value of about GBP306 million.
Hyve shares were up 16% to 99.40p each in London early Tuesday afternoon.
Hyve in December had said revenue for the financial year that ended September 30 surged to GBP122.5 million from GBP21.8 million a year prior. Pretax loss however widened to GBP31.0 million from GBP27.5 million. Hyve had noted that its business had been "completely transformed", with about 95% of events taking place in advanced economies, up from 12% in 2017.
Hyve on Tuesday said it will make a further announcement shortly.
By Tom Budszus, Alliance News reporter
Comments and questions to [email protected]
Copyright 2023 Alliance News Ltd. All Rights Reserved.
Related Shares:
HYVE.L