Hyder has written to its shareholders, outlining the expected timetable for its proposed takeover by Arcadis.
The Dutch consultant bid £288M (£7.30 a share) for Hyder on 21 August, after Japanese firm Nippon Koei had trumped its first offer.
Arcadis now hopes to complete the deal by 16 October – assuming Nippon Koei is no longer in the running. It issued a statement following Arcadis’ improved offer, saying that it was “considering its position and will make a further announcement in due course”.
Hyder has outlined the key dates of the Arcadis takeover timetable in a letter to shareholders. It proposes a general meeting for shareholders to vote on the deal on 25 September, with a High Court hearing to approve the acquisition on the same day.
If approved, Hyder shares will be suspended from the London Stock Exchange on 15 October, with the takeover completed the following day.
The acquisition of Hyder and its 4,000 staff would give Arcadis a global workforce of 26,000.
Arcadis chief executive Neil McArthur told NCE last month that the acquisition was driven by the growth prospects in Hyder’s core markets.
“In the UK, over the next four to five years, there is annual growth of 5% to 7% predicted,” he said. “And annual of growth of 8% to 10% in the Middle East.”