Good Energy’s board has rejected a fourth takeover bid from rival green energy supplier Ecotricity, arguing the latest 340 pence per share offer “significantly undervalues the Group and its future prospects”. The latest offer, announced by Ecotricity yesterday, would value Good Energy at around £59.5m, marking a slight uptick on its previous offer last month of 310 pence per share, which had suggested a total value of £56.6m. That offer was also roundly rejected by Good Energy as “inadequate and fundamentally undervalues the Group” in a statement that argued its shareholders were “not being offered anything like a full premium for giving up control of their company”. And yesterday, Good Energy’s board issued a fresh statement reiterating its “unanimous and unequivocal rejection” of the latest offer from Ecotricity, which already owns around a quarter of its West Country-based rival’s shares. Will Whitehorn, chair of Good Energy’s board, slammed the latest offer from Ecotricity as a “highly opportunistic and hostile offer by a direct competitor to the company”.
Business Green 23rd July 2021 read more »