Ecotricity is to potentially make a bid for Good Energy, having made three indicative offers in the past month. Ecotricity, which already owns a 25.1% stake in the clean energy supplier, made a non-binding indicative offer of 310.0 pence per share on 15 June, a second of 330.0 pence per share on 24 June and a third of 340.0 pence per share on 2 July. All three were rejected by Good Energy’s board. Good Energy described the most recent of these offers as “inadequate” in a statement released on the London Stock Exchange today (12 July). It said that the offer “fundamentally undervalues the Group and fails to recognise the intrinsic value of the Group’s shares” and its shareholders are not being offered a full premium in return for relinquishing control of the company, with Ecotricity’s possible offer representing a premium of 10.6% over the price of the company’s shares on 9 July.
Current 12th July 2021 read more »
Business Green 12th July 2021 read more »
Two of Britain’s best-known green energy pioneers are gearing up for a takeover battle after Ecotricity made a £56.6 million approach for its long-time rival Good Energy. Ecotricity, the supplier founded in 1995 by the entrepreneur Dale Vince, revealed yesterday that it had made three possible offers to acquire the 74.9 per cent of Good Energy that it does not already own, most recently with an all-cash offer at 340p per share. All three offers were rejected by the board of Good Energy, founded by Juliet Davenport in 1999. Davenport stood down as chief executive this year but remains a director and owns 3.8 per cent of the shares.
Times 13th July 2021 read more »