Hyve Group PLC - London-based events organiser - Providence Equity LLP lifts Hyve takeover bid to 121 pence per share from 108p, with the new bid valuing Hyve at £363 million on fully-diluted basis or £524 million in enterprise value. Providence Equity says new bid is final and will not be further increased. Hyve directors recommend unanimously that shareholders support the offer, while Providence Equity says offer has support of 28.5% of Hyve shareholders so far. In late March, Providence Equity brought in Searchlight Capital Partners UK LLP as a bid partner for its agreed takeover offer for Hyve. Providence said funds managed or advised by Searchlight will buy a 40% stake in Heron UK Bidco Ltd, the acquisition vehicle for the Hyve deal that is currently fully owned by funds advised by Providence.

Current stock price: 119.84 pence, up 4.2%

12-month change: up 65%

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