News: Seven Group acquires National Hire

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Seven Group Holdings Limited (ASX:SVW) has acquired 98.7 per cent of equipment hire company, National Hire Group Limited (ASX:NHR).

Seven boosted its takeover bid to $3.35 per share last month for all the shares that it did not already own in National Hire.

Now that Seven has acquired more than 91.55 per cent it will lift the offer price to $3.75 per share, which values National Hire at around $557 million.

Seven will compulsorily acquire and delist the company.

Seven Group posted a net profit of $80 million in the 2011 financial year.