Good Energy Group PLC - Chippenham, England-based energy company - Ecotricity Group Ltd has increased its offer for Good Energy to 400 pence in cash per shares, bringing the total value of the company's issued share capital at GBP69.9 million.
Offer has been increased from earlier offer of 340 pence per share, and reflects 42% premium to June 15's closing price of 282.0p. Ecotricity already has valid acceptances for the offer from 27% of Good Energy shareholders.
Earlier Thursday, Good Energy continued to recommend that shareholders reject the "hostile offer" by taking no action.
"Good Energy has shown strong growth in the first half of this year, and the nature of the rapidly growing markets in which the company operates - clean energy and transport - mean there is significant headroom for more. This is in stark contrast to Ecotricity, which has been loss-making for the past four years - demonstrating how unfit an owner Ecotricity would be for Good Energy. This hostile offer, if successful, would risk severely damaging the company's potential for further growth, and deny our investors the opportunity to be a part of it," says Chair Will Whitehorn.
Current stock price: 388.00 pence, up 18%
Year-to-date change: up sharply from 178.00p
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Good Enrg (GOOD)