UPDATE: Hyder accepts Arcadis buyout bid worth $430.4mn
Hyder shares climb 37% to 642p
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Hyder Consulting has accepted Dutch engineering group Arcadis’ buyout offer worth $430.4 million. Arcadis had earlier claimed that purchasing Hyder would “strengthen” its “design & engineering operations.”
In its bid, Arcadis had offered to pay 650 pence per share for Hyder, a price 40% above the latter’s closing price of 469 pence per share on 30th July.
“The 39 pence premium to the previous closing price reflects the quality of the company and this is a good deal for investors which the board has recommended be accepted,” Ivor Catto, chief executive of Hyder, told London-based The Daily Telegraph.
Arcadis also owns the project management arm of E C Harris. The Dutch firm’s takeover proposal had estimated a pro forma increase of $408.20 million in the net revenue of Arcadis + Hyder. Arcadis’ individual net revenue (as of March 2014) is $2.5 billion; the pro forma net revenue of Arcadis and Hyder amounts to $2.9 billion.
According to The Daily Telegraph, the share value of Hyder rose in the market “yesterday, after the board accepted a 650 pence per share takeover offer from Arcadis, the Dutch engineering group, valuing the group at ($430.4 million.)”
