M&G Investments, along with two other large shareholders, is to vote against a proposed private equity takeover of British events group Hyve PLC because the bid significantly undervalues the international exhibition company, according to a report by the Financial Times.
M&G Investments, along with two other large shareholders, is to vote against a proposed private equity takeover of British events group Hyve PLC because the bid significantly undervalues the international exhibition company, according to a report by the Financial Times.
Redwheel and Blackmoor Investment Partners are to join M&G in opposing the deal, struck last month by US private investment firm Providence Equity Partners, to pay 108p per share to acquire London-listed Hyve in a deal that values the business at £481 million.
Hyde’s largest investor, Strategic Value partners has said it will back the buyout which Hyve’s board has said “represents value for shareholders”.
For the deal to go ahead, Providence needs 75 per cent of shareholder capital voting in favour.
