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Hyve Group PLC on Tuesday confirmed it received a £300 million takeover approach from Providence Equity LLP and is considering its position.
Hyve, a London-based events organiser, said the conditional takeover approach by the Rhode Island, US-based media-focused equity investment firm comes at a price of 105 pence per share, 22% higher than Hyve’s share price of 85.72p before the announcement. That would give the offer a value of about £306 million.
Hyve shares were up 16% to 99.40p each in London early Tuesday afternoon.
Hyve in December had said revenue for the financial year that ended September 30 surged to £122.5 million from £21.8 million a year prior. Pretax loss however widened to £31.0 million from £27.5 million. Hyve had noted that its business had been ‘completely transformed’, with about 95% of events taking place in advanced economies, up from 12% in 2017.
Hyve on Tuesday said it will make a further announcement shortly.
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