5th Sep 2014 11:09
LONDON (Alliance News) - Arcadis NV Friday again increased its takeover offer for Hyder Consulting PLC, which recommended the offer as the Dutch consultancy firm revealed that it has bought a further stake in the British target at a price that was higher than its previous proposal.
In a statement, Arcadis said it has acquired another 3.7 million shares in the design and engineering consultancy, or a 9.6% stake, from a single Hyder Consulting shareholder at a price of 750 pence per share, above the 730p per share it had agreed with Hyder Consulting's board last month.
It has therefore increased its offer for the remaining shares in Hyder Consulting it doesn't already own to the higher level, valuing Hyder Consulting at about GBP296 million.
Arcadis has now acquired, agreed to acquire, or received irrevocable undertakings over 11.0 million Hyder shares, a 28.2% stake in the company.
"The Hyder directors, who have been so advised by Investec [Bank PLC], consider the terms of the further increased offer to be fair and reasonable and in the best interests of Hyder shareholders as a whole and continue to unanimously recommend that Hyder shareholders vote in favour of the resolutions relating the the scheme to be proposed at the court meeting and the general meeting," Hyder Consulting said in a statement.
Arcadis' 730p agreed takeover offer last month valued Hyder Consulting at GBP288 million, trumping a 680p, or GBP268.1 million, bid from Japanese consulting firm Nippon Koei Co Ltd. Nippon's offer had trumped an original offer from Dutch firm Arcadis in July of GBP256.2 million, or 650p a share.
In Late August, after being trumped by Arcadis, Nippon Koei had said it was still considering its position.
HSBC Bank PLC and Rothschild are advising Arcadis on the deal.
Hyder Consulting shares were Friday quoted up 2.5% at 754.00p.
By Samuel Agini; [email protected]; @samuelagini
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