Japan's Nippon Koei trumps Arcadis in Hyder takeover tussle

Integrated Design & Engineering Holdings Co

08/08/2014 07:51

LONDON, Aug 8 (Reuters) - British engineering firm Hyder 
Consulting  HYC.L  said on Friday it had accepted a 268 million 
pounds ($451 million) takeover offer from Japan's Nippon Koei 
 1954.T , just days after recommending a bid from Dutch firm 
Arcadis  ARDS.AS . 
    The companies said in a joint statement that the recommended 
cash offer would entitle Hyder shareholders to receive 680 pence 
in cash for each Hyder share, a 30 pence premium to an offer 
from Arcadis last week. 
    Hyder had accepted a buyout bid from Dutch engineering group 
Arcadis, which was prepared to pay 650p per share for Hyder, in 
an offer valued at 256.2 million pounds. 
    Shares in Hyder closed at 645 pence on Thursday. 
    The merged group between Hyder and Nippon Koei would create 
a company with a market capitalisation of $863.6 million. 
    Nippon said that Hyder will continue to operate as a 
standalone division of the combine businesses and that changes 
to the company would be minimal. 
    ($1 = 0.5948 British Pounds) 
 
 (Reporting by Li-mei Hoang; Editing by Neil Maidment) 
 ((neil.maidment@thomsonreuters.com)(+44 0207 542 2292)(Reuters 
Messaging: neil.maidment.thomsonreuters.com@reuters.net)) 
 
Keywords: HYDER CONSULTING NIPPON KOEI/MERGERS