3 April: Three shareholders of Hyve PLC (HYVE.L), a British company that organises events and exhibitions around the world, are opposed to a takeover bid by U.S. fund Providence Equity, the Financial Times reported on Monday.
The shareholders, M&G Investments, Redwheel fund manager David Stewart and Blackmoor Investment Partners’ Douglas Smith, believe that the offer of 108 pence per share, which values Hyve at about 320 million pounds ($392.83 million), is too low and does not reflect the company’s potential.
Providence Equity announced its recommended cash offer earlier this month, saying it would support Hyve’s growth strategy and help it recover from the impact of the COVID-19 pandemic.
Hyve, Providence Equity, M&G, Redwheel and Blackmoor did not immediately respond to a Reuters request for comment.