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Arcadis increases Hyder offer

Arcadis has increased its offer for Hyder to 750p per share.

The Dutch consultant raised its valuation of Hyder to £296M as it stepped up its campaign to acquire the company.

Arcadis also revealed it had purchased more than 9.8M Hyder shares – a quarter of the target company’s ordinary share capital. This included 3.7M shares from one shareholder at the new price of 750p per share.

It has also secured agreements to buy a further 283,137 shares from Hyder directors at the previous bid price of 730p per share.

Hyder earlier this week proposed a general meeting for shareholders to vote on the Arcadis offer on 25 September. The takeover could be completed by mid-October.

Arcadis chief executive Neil McArthur (pictured) told NCE last month that the two comapnies had a strategic, cultural and operating model fit.

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