The boards of Hyve Group plc (HYVE.L) and Heron UK Bidco Limited, a newly incorporated entity formed by funds advised by Providence Equity Partners L.L.C. for the purposes of making an offer for Hyve, have reached agreement on the terms of a recommended cash offer for the entire issued and to be issued share capital of Hyve by Bidco. Each Hyve sareholder will be entitled to receive: for each Hyve share held, 108 pence in cash. The acquisition values the entire issued and to be issued share capital of Hyve at approximately 320 million pounds on a fully diluted basis and values Hyve at approximately 481 million pounds on an enterprise value basis.
The Hyve directors intend to recommend unanimously that shareholders vote in favour of the Scheme at the Court Meeting and the resolution to be proposed at the General Meeting.
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