Novera succumbs to Infinis Energy’s final sweetened bid

30 November 2009

Renewable power company Novera has accepted energy group Infinis Energy’s revised cash offer of 77 pence per share, following a string of rejected offers over the last month.

Novera rejected Infinis Energy’s increased offer of 75 pence per share last week after rejecting its first offer of 62.5 pence per share at the end of October.

The Novera board advised by Hawkpoint and Oriel Securities, said it considers
the terms of the recommended increased final offer to be fair and has recommended Novera shareholders to accept the offer.

At the new rate, Infinis has acquired more than five million Novera shares from a single shareholder, representing 3.5 per cent of the company’s existing share capital.

Following this purchase, Infinis Energy now owns more than 72.6 million Novera shares, representing approximately 50.15 per cent of the existing issued share capital of Novera.

In addition, Infinis Energy said it has received valid acceptances for its offer in respect of 226,261 Novera shares, representing approximately 0.16 per cent of the existing issued share capital of Novera. The company claims it has now received valid acceptances in respect of more than 72.86 million Novera shares, amounting to 50.31 per cent of its existing share capital.

Infinis says the 77 pence per share offer is final and will not be increased.

Copyright © 2009 NewNet

Tags: energy efficiency

This story was published on Monday, November 30th, 2009 at 1:25 pm and is filed under Europe, deals, energy efficiency. You can follow any responses to article entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

Leave a Reply