Good Energy Group PLC - Wiltshire-based renewable electricity supplier - Updates shareholders on its rejection of an offer of a cash takeover by Ecotricity Group Ltd.
The company was offered 340 pence per share of its entire ordinary share capital, marking the fourth offer by Ecotricity.
The first bid saw Good Energy offered 310.0p per share, before this was increased to 330.0p per share in the second offer. The third offer was raised to 340p a share.
Good energy says the offer "fundamentally undervalues" the group's share price and fails to consider Good Energy's long term strategy to deliver value to shareholders.
Chair Will Whitehorn said "This is a highly opportunistic approach by a direct competitor to the company which the board believes is not in the best interests of our shareholders, employees or customers. We have a clear strategy, a strong leadership team and a proven track record in delivering on our objectives."
Current stock price: 332.00 pence
Year-to-date change: up 87%
By Aidan Lane; newsroom@alliancenews.com
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Good Enrg (GOOD)