(Alliance News) - Calisen PLC on Wednesday said it has rescheduled its scheme sanction hearing relating to its GBP1.43 billion takeover by Coyote Bidco to March 11.
The Manchester-based smart energy provider said last Friday the hearing, which is to approve the acquisition, would be held on March 16. This has been brought forward as a result of an updated timetable of for the implementation of the scheme.
Should the deal be approved at the hearing, the suspension of Calisen shares is now due to occur on March 12. The shares de-listing date is expected to be March 15.
Calisen said last Friday the deal was approved by the Antimonopoly Committee of Ukraine without any conditions. In early February, the deal was approved by Chinese regulators, which followed EU, UK and Australian regulators giving the deal the green light in mid-January.
The board of Calisen agreed unanimously to the offer in early December, considering it "fair and reasonable", with shareholders set to receive 261 pence per share in cash. The deal represents a 50% premium to the firm's three-month volume weighted average closing price the deal before the deal was announced of 174p.
Shares in Calisen were down 0.2% at 260.60p in London on Wednesday.
Coyote is a consortium made up of two parts: Global Energy & Power Infrastructure Fund III and a series of West Street funds, which are managed by Goldman Sachs.
The first half, Global Energy & Power, is acting on behalf of its investment manager BlackRock Alternatives Management and its co-investor Ninteenth Investment Co, an indirectly wholly-owned subsidiary of Mubadala Investment Co PJSC. The second half of the consortium is made up of West Street International Infrastructure Partners III AIV, West Street Global Infrastructure Partners III AIV, West Street European Infrastructure Partners III AIV, Broad Street Credit Holdings Europe Sarl and GLQ Holdings.
"Bidco believes that Calisen represents an attractive opportunity to invest in the energy transition sector via one of the largest owners of smart meters in the UK with strong growth potential and opportunities to expand into adjacent sectors," Coyote said last Friday.
By Zoe Wickens; zoewickens@alliancenews.com
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