Private equity business Providence Equity LLP has made an approach about a possible £306 million bid for exhibition business Hyve Group.
Hyve - which hosts exhibitions such as fashion trade show Pure London at the Olympia London - said it had received an offer of 105p per share, having earlier received a 101p per share offer. At 105p per share, Hyve would be valued at around £306 million.
“The board of Hyve is considering its position with respect to the proposal and a further announcement will be made in due course,” Hyve said.
Under the City Code on Takeovers, Providence must submit a firm offer, or announce that it has no plans to do so, by 21 March.
Hyve shares jumped on the news from 85p to 103.8p. However, this is still down significantly from a pre-pandemic peak of 610.2p.
