8th Sep 2014 07:54
LONDON (Alliance News) - Nippon Koei UK Topco Ltd Monday said it was considering its position on Hyder Consulting PLC, following the increased offer made for the company by Arcadis NV on Friday.
Arcadis on Friday raised its takeover offer for Hyder, after acquiring another 3.7 million shares in the design and engineering consultancy, or a 9.6% stake, from a single Hyder shareholder at a price of 750 pence per share, above the 730p per share it had agreed with Hyder's board last month.
As a result, the Dutch consultancy firm increased its offer for the remaining shares in Hyder Consulting it doesn't already own to 750 pence as well, valuing Hyder about GBP296 million, an offer Hyder also has recommended.
Arcadis now has a total stake in Hyder of 28.2%.
Arcadis' 730p agreed takeover offer last month valued Hyder at GBP288 million, trumping a 680p, or GBP268.1 million, bid from Japanese consulting firm Nippon Koei. Nippon's offer had trumped an original offer from Dutch firm Arcadis in July of GBP256.2 million, or 650p a share.
Hyder shares were down 0.3% to 751.00 pence in early trade Monday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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