Nippon Koei UK Topco Ltd has confirmed that it does not intend to revise its proposed cash offer of 680 pence for each share of Hyder Consulting announced on 8 August 2014.
The company, a wholly-owned subsidiary ofNippon Koei Co., Ltd, also confirmed that it will no longer proceed with its potential acquisition of Hyder and the Takeover Panel has consented to the withdrawal of its Offer.
Noriaki Hirose, President of Nippon Koei, said:
“Nippon Koei’s strategy is focused on broadening our geographic footprint and client base while providing ongoing strong customer service and delivery. While Hyder represents an attractive fit with Nippon Koei, and is clearly an excellent company, an acquisition at the current valuation level would present challenges to value enhancement for us, not least as our Offer envisaged Hyder continuing to operate as a standalone division of the combined business.
“We understand and regret the impact of a process such as this on the employees and customers of Hyder in particular, and wished to make it clear that we will not proceed with the acquisition now in order to minimise the ongoing uncertainty. We wish the management and employees of Hyder all the best in the future.”
However, Nippon Koei said it retained its strategic vision to become a top tier global engineering consultancy and would continue to investigate potential merger partners to assist it in achieving its aim.
Earlier this month Dutch consultancy Arcadis, Nippon’s rival in the bidding battle, increased its offer for Hyder for a second time with a bid which values Hyder at £296m.
Arcadis now has shares or irrevocable undertakings for 28% of the shares, meaning it now has enough shares (over 25%) to block any rival takeover bid and to ensure it secures a takeover deal.
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