Good Energy Group PLC - Chippenham-based renewable energy utility - Rejects Ecotricity Group Ltd's increased offer of 400 pence per share, worth GBP69.9 million in total. Recognises that the offer is a significantly higher than the previous 340p-per-share bid, but it "still undervalues Good Energy and its longer-term prospects." Adds that "Ecotricity is an unfit owner with an unsuitable plan from the point of view of the company."
Ecotricity says it has received offer acceptances worth 27.3% of Good Energy shares, up from 27.1% on Thursday before the higher offer was announced - figures which include Ecotricity's own 25.1% stake in Good Energy.
Current stock price: 387.00 pence
Year-to-date change: up sharply from 178.00p
By Ivan Edwards; ivanedwards@alliancenews.com
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Good Enrg (GOOD)