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Nomura considers upping Hyder bid

JAPANESE INVESTMENT bank Nomura was this week considering whether to increase its takeover bid for Hyder after Western Power Distribution put in a higher offer.

WPD announced a £464M takeover bid for Hyder last week, outbidding Nomura's £402M offer.

Nomura has extended the deadline for accepting its offer until next Wednesday. So far, it has the backing of just 18.7% of Hyder shareholders.

The Hyder board refused to back the WPD bid claiming it was subject to regulatory uncertainty. WPD owns electricity distributor South Western Electricity but has no experience of running a water company. It plans to bring in managers from North West Water owner United Utilities to help run the business.

On Tuesday, the Office of Gas & Electricity Markets and the Office of the Water Regulator published a joint consultation document on issues relating to the WPD bid.

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