Note : This entire press release is on the Hyder website
- The Boards
of WPDL and Hyder announce the terms of a further increased recommended
cash offer (the “Further Increased Offer”), to be made by Schroder
Salomon Smith Barney on behalf of WPDL, to acquire the whole of
the issued and to be issued ordinary share capital of Hyder not
already owned by WPDL.
- The Further
Increased Offer was the result of a sealed bid procedure conducted
by the Panel on Takeovers and Mergers pursuant to which the Further
Increased Offer was the highest bid and follows the resolution
of an appeal by UBS Warburg on behalf of St David Capital in favour
of WPDL.
- The Further
Increased Offer:
- values
each Hyder ordinary share at 365 pence
-
values the entire issued ordinary share capital of Hyder
at approximately £565 million
-
represents a premium of 93 per cent. to the ordinary share
price on 27 March 2000 (the last dealing day prior to
the announcement that Hyder was in discussions with a
number of parties regarding a range of strategic options,
which included the possibility of an offer for the whole
company)
- represents
a premium of 1.4 per cent. to the St David Capital offer announced
on 9 August
2000.
- WPDL’s offer
is no longer subject to any regulatory conditions following clearance
by the European Commission and the Secretary of State for Trade
and Industry.
- The Board
of Hyder unanimously recommends all Hyder Shareholders to accept
the Further Increased Offer.
- The Further
Increased Offer will initially remain open for acceptance until
1.00 p.m. (London time) on Wednesday 6 September 2000.
Commenting on
the Further Increased Offer, Robert Symons, Chief Executive of WPDL,
said:
“Now that the bidding phase of the offer has reached a conclusion, we look
forward to completing the process as rapidly as possible.”
Commenting on
the Further Increased Offer, Graham Hawker, Chief Executive of Hyder,
said:
“The Board of
Hyder is pleased to recommend unanimously the Further Increased
Offer to shareholders. Further, I welcome the resolution that this
offer brings to the uncertainty which has existed for staff and
other stakeholders as to the future ownership of the business.
The Board recommends all shareholders to accept WPDL’s offer without
delay and, in any event, before the closing date of Wednesday 6
September 2000.”
This summary
should be read in conjunction with the full text of the Announcement.
The conditions to which the Further Increased Offer will be subject
are set out or referred to in Appendix I of this Announcement and
will be set out in full in the Further Increased Offer Document.
Appendix II contains definitions of certain terms used in this Announcement.
The Further Increased Offer Document will be dispatched to Hyder
Shareholders by Wednesday 23 August 2000..../...
