Hyve surges after £306m takeover offer from Providence Equity

Exhibition business Hyve surged on Tuesday after confirming it had received a preliminary and conditional £306m takeover approach from private equity firm Providence Equity.

The latest offer of 105p a share follows an earlier offer of 101p a share, Hyve said.

"The board of Hyve is considering its position with respect to the proposal and a further announcement will be made in due course," it said in a brief statement.

Based in Rhode Island, Providence focuses on media, communications, education, and technology investments across North America and Europe.

At 1625 GMT, Hyve shares were up 16% at 100p.