Arcadis (ARCAY.PK, ARCVF.PK), a Dutch engineering and consultancy firm, Thursday announced that it has reached agreement with UK-based engineering consultancy Hyder Consulting PLC (HYC.L) on the terms of a recommended cash offer. The offer values Hyder at approximately 256.2 million pounds.
Under the deal, Arcadis' unit Arcadis UK Investments B.V. or AUK Investments will acquire the entire issued and to be issued ordinary share capital of Hyder. Hyder Shareholders will be entitled to receive 650 pence in cash for each Hyder Share.
The consideration represents a premium of approximately 38.5 percent to the Closing Price per Hyder Share of 469 pence on July 30, being the latest practicable date prior to this announcement.
The transaction is expected to be accretive to ARCADIS' earnings per share within the first full year after the offer completes.
The Hyder Directors consider the terms of the offer to be fair and reasonable. And intends unanimously to recommend that Hyder Shareholders vote in favour of the deal.
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