LONDON (Alliance News) - Shareholders in industrial and commercial gas metering services provider Energy Assets Group PLC on Wednesday said the offer made for the company by US infrastructure company Alinda Capital Partners undervalues the business.
Energy Assets agreed to a 685.00 pence per share takeover offer form Alinda in April, a 40% premium to the group's closing price the trading day prior to the bid being made. The deal values Energy Assets at GBP198.0 million.
On Wednesday, however, Oakcliff Capital Partners LP, SF Metropolis Valuefund, Investmentaktiengesellschaft fur langfristige Investoren TGV, Forest Manor NV and Bryan Lawrence, collectively holders of a 22.6% stake in Energy Assets, said the deal does not represent a true reflection of the fundamental value of the company.
The shareholders said they believe it is critical Energy Assets shareholders are given the opportunity to evaluate the deal based on more recent financial information. To that end, they have called on Energy Assets to publish its results for the year to the end of March or, at least, a new trading update.
Energy Assets shares were up 0.1% to 685.48 pence.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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