LONDON (Brand Republic) – The battle for Welsh utilities company Hyder rages on, as Japanese bank Nomura upped its offer to £557m.
The bid tops an agreed bid of £526 from US utilities group Western Power Distribution, which said it had not given up the fight and would make a “further announcement” soon.
The two bidders have until Friday to make their final offers. Nomura has raised its offer twice for Hyder, which put itself up for sale after being swamped by £1.6bn debt after a pricing review. The current top bid adds 90% to Hyder’s market capitalisation when it announced it was in takeover talks back in March.
Hyder owns the Welsh Water and Swalec electricity distribution businesses, and Nomura said it would raise money to clear debts by getting out of non-Welsh infrastructure projects such as the London Underground.