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Good Energy Group PLC - Chippenham-based renewable energy utility - Acknowledges the lapse of Ecotricity Group Ltd's hostile takeover offer which fell short of the acceptance level of more than 50%. Ecotricity Group Ltd says it has received valid acceptances of the increased offer in respect of 1.9 million shares, representing 11.5% stake in Good Energy. It now holds, or has received valid acceptances of a total of 6.1 million shares, equal to 36.5% interest in the company - a figure which includes its own 25% stake. As such, the acceptance condition has not been satisfied and the increased offer has now lapsed, Ecotricity says.
Ecotricity had moved forward the deadline for acceptances of its offer of 400 pence per share to October 8 from October 10, citing the current energy market price squeeze in the UK and resulting supplier failures.
Good Energy Chair Will Whitehorn says: "In the current turbulence of the wider energy market caused largely by fossil fuel prices and scarcity, the company's strategy for digitised, localised clean energy and electric vehicle services is more relevant and more urgently needed than ever. We consider the rejection of the hostile offer a resounding endorsement of that from shareholders and are now fully focussed on delivering our vision with their backing."
Current stock price: 354.00p
Year-to-date change: up 98%
By Arvind Bhunjun; arvindbhunjun@alliancenews.com
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