Hibiscus has signed a binding term sheet to acquire 100% of the outstanding shares in Hydra at a "fair market price" which it said was to be determined by an independent, competent valuer.
It will satisfy the acquisition through the issue of new Hibiscus shares at a price to be determined when the fair market value of Hydra is established.
Hibiscus said the deal had the backing of the boards of both companies, with a targeted completion date of the first quarter of 2016.
Hydra
