Ecotricity Group has made a formal offer for the shares in rival Good Energy Group it does not already own. The cash offer, which values Good Energy at £59.5m, follows the target company’s “unequivocal rejection” of a possible bid from Ecotricity. Under the terms of the offer, Good Energy Shareholders will be entitled to receive 340 pence in cash for each share they hold. When a possible bid at that amount was initially mooted by Ecotricity, the Good Energy board described it as “highly opportunistic”. Ecotricity said the offer was at a premium of approximately 10.6 per cent over the closing price of Good Energy share on the day before its interest became publicly known. Currently holding a stake of approximately 25.1 per cent in Good Energy, Ecotricity, which is led by founder Dale Vince, said at the start of July that it had made three non-binding indicative offers, all of which were rejected. Zeus Capital is acting as financial adviser to Ecotricity.
Insider Media 22nd July 2021 read more »