Good Energy, the Wiltshire-based renewable electricity company, has announced that it has rejected an offer by Ecotricity Group, of 340p per share for the entire share capital of the company, all in cash.
The boards reasons included that it is inadequate (and undervalues the Group), shareholders are not being offered a good enough premium, and the company wants to continue to deliver value to its shareholders.
Will Whitehorn, chair of Good Energy, said: Good Energy and its subsidiary Zap - Map have an extremely healthy, independent future focused on the best interests of our customers, employees and shareholders. We are committed to delivering growth for the exclusive benefit of our shareholders, not Ecotricitys.
The Company will make a further announcement in due course outlining in more detail the reasons the Board is rejecting the possible offer.
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