Fersa's board rejects takeover offer by Greentech

Jul 23, 2012 - Danish renewable energy firm Greentech Energy Systems A/S (CPH:GES) said Friday that its takeover offer for Spanish sector player Fersa Energias Renovables (MCE:FRS) was turned down at a board meeting at the target company.

Seven board members at Fersa voted against Greentech's bid, while the offer was backed by three other members, including the only industrial partner and major shareholder, Grupo Empresarial Enhol SL, and an independent director. However, the stake controlled by those who rejected the bid is smaller than the 22.5% held by those who voted in favour of it.

One board member, Spanish savings bank Caja Granada, holding some 7.67% of Fersa, did not take part in the meeting.

According to the board's report, published Friday, the offer price of EUR 0.40 (USD 0.485) per Fersa share does not reflect the real value of the Spanish company. In addition, the board has confidence in Fersa's capacity to generate value in the short and medium term.

Greentech originally announced its bid in April but has stumbled upon opposition in the board. The acceptance period will run until July 30. The bid is subject to achieving a minimum acceptance of 50%.

Fersa has called an extraordinary shareholders meeting on July 27 to discuss and vote on Greentech's takeover offer.

Choose your newsletter by Renewables Now. Join for free!