EcoSecurities welcomes JP Morgan bid

Irish carbon credit specialist EcoSecurities, which has been fielding a number of offers for the company, has accepted terms from US bank JPMorgan Chase.Carbon Acquisition Company (CAC), a wholly owned subsidiary of JPMorgan, is offering 100p cash per EcoSecurities share.The terms value the entire issued share capital of EcoSecurities at about £122.9m, and represents a premium of around 11% over the revised 90p cash offer announced by Dutch firm Guanabara Holdings on 1 September.CAC has received irrevocable undertakings to accept its offer from shareholders representing some 19.91% of the issued share capital of the company.Following the announcement of the bid JP Morgan Ventures Energy Corporation said it will be purchasing EcoSecurities shares if available in the market at a price up to and including the offer price.Rival bidder Guanabara had previously indicated its bid for EcoSecurities would not be increased but it reserved the right to revise its offer in the event of a competing offer emerging.