LONDON (Alliance News) - Arcadis NV Friday again increased its takeover offer for design and engineering consultancy Hyder Consulting PLC, after buying a further stake in the company at a price that was higher than its previous proposal.
In a statement, Arcadis said it has acquired another 3.7 million shares, 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.
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.