Dutch consultant now values the British engineer at 拢296m as it secures a 28% share in the firm
Dutch consultant Arcadis has upped its offer for British engineer Hyder for a second time to ensure it secures a takeover deal.
The firm originally tabled a 拢256m bid for Hyder in July. It first upped its offer to 拢7.30 per Hyder share, valuing the firm at 拢288m, last month to see off a bid from rival Japanese bidder Nippon Koei.
But today it announced it had raised its offer again to 拢7.50 per share despite Nippon Koei having made no further counter bid. Today鈥檚 bid values Hyder at 拢296m.
The rise in price was driven by Arcadis鈥� purchase of 3,734,808 Hyder Shares from a single shareholder, accounting for nearly 10% of the firm鈥檚 shares, for 拢7.50.
The purchase means Arcadis now has shares or irrevocable undertakings for 28% of the shares in the firm. This increases the likelihood of a takeover deal going through because it now has enough shares (over 25%) to block any rival takeover bid.
Under stock market regulations it is now obliged to offer the same price for the remaining shares and has accordingly upped its offer.
Arcadis鈥� original bid valued Hyder at 拢256m, meaning it will now pay 拢40m more for the firm than originally planned.
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