Hyve Group PLC (LSE:HYVE) said it has agreed to a £320mln takeover offer from Providence Equity Partners after the media-focused investor improved the terms of a previous bid approach.
The revised bid values each share in the events company at 108p, a 41% premium to its 77p stock price the day before it received an initial approach from Providence, which valued each share at 105p.
In a statement, Hyve chair Richard Last said: "The board believes the offer represents value for shareholders and that Providence, with their knowledge of the sector and belief in the business and management team, will be a good partner for Hyve.”
The acquisition values Hyve at around £320mln on a fully diluted basis and £481mln on an enterprise value basis. The price paid implies an enterprise value multiple of approximately 20.3 times Hyve's EBITDA for the 12 months to 30 September 2022.
"Providence believes that Hyve has established a strong platform for future organic and inorganic growth underpinned by Hyve's portfolio of high-quality global brands and market-leading events focused on developed markets and in growing sectors," the bidder said.
Shares in Hyve jumped 13% to 112.10p, putting them above the revised offer price.