Hydro International reveals possible suitor

A rapid share price rise over the last few days forced Hydro International to issue a statement on Friday, revealing that it has been approached as a potential acquisition candidate.

“The company announces that it has received an approach which may or may not lead to the acquisition of the company by Hanover Investors Management,” the board of the AIM-traded firm said in a statement.

“There can be no certainty the acquisition will occur, or of the timing or exact terms of any such transaction,” it warned.

Hydro confirmed that Hanover is now required to make an offer, or declare that it no longer intends to make an offer by 1700 BST on 17 June.

“The company will keep the shareholders informed if there is any material development by making the appropriate announcement in compliance with the code,” the board advised.

“In the meantime shareholders are urged to take no action.”