viewHarvey Nash Group plc

Harvey Nash to be taken private by largest shareholder after £99mln bid

The offer values Nash at £98.7mln and DBAY already controls 26.1% of Harvey Nash shares

Nash has been doing well recently

Tech recruiter Harvey Nash Group PLC (LON:HVN) has received a bid to take it private, at 130p per share in cash or a 17% premium to the close yesterday.

Independent directors are recommending the offer, which is being made by funds controlled by shareholder DBAY Advisors.

READ: Harvey Nash hits three year high as tech staff demand soars

The offer values Nash at £98.7mln. DBAY already controls 26.1% of Harvey Nash shares, while directors speaking for 1.72% have also agreed to the offer.

Approval for the offer is required by 75% of all shareholders to go ahead.

Julie Baddeley, chairman, said while Nash had a strong future as an independent company, the wholly-cash offer was an attractive value.

Shareholders will also get one interim dividend of 1.75p per share.

DBAY took a significant stake in Nash in February 2017.

David Morrison, the firm's Investment Director, said it was an opportunity for Nash to strengthen its leading position in the specialist technology recruitment and outsourcing markets.

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events


The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Harvey Nash Group plc named herein, including the promotion by the Company of Harvey Nash Group plc in any Content on the Site, the Company...


2 min read