Hyve shares pop after £306m private equity approach

Hyve Group has confirmed a bid approach by US private equity firm Providence Equity that values the events group at about £306m.

Best known for its large-scale international events such as Pure London, Hyve said the offer would be in cash at 105p per share, compared to a market price of 98.9p, up 15% on the news.

Hyve’s board said it is considering the offer, according to a statement, which followed a previous approach worth 101p per share.

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Providence has until 5pm March 21 to announce a “firm intention” to make an offer or announce that it does not intend to do so.

Hyve is only just starting to emerge from the ravages of the pandemic, which saw events cancelled and the group plunge hundreds of millions of pounds into the red.

Providence Equity is a Rhode Island-based private equity firm.

Source: Proactive Investors

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