- Press Releases
August 17 (Renewables Now) - Private investment fund Skip Capital and alternative investor Stonepeak Partners LLC have raised their takeover proposal for Australia’s Genex Power Ltd (ASX:GNX), now offering to acquire the renewable energy developer for AUD 347.5 million (USD 243.1m/EUR 239.1m).
Through the revised non-binding indicative offer, the consortium seeks to buy Genex’s stock through a scheme of arrangement at a cash price of AUD 0.250 per ordinary share, the target company said in a bourse filing on Wednesday.
The offer was revised from an initial proposal of AUD 0.230 per ordinary share, which Genex turned down, saying it is“not in the best interests” of the holders of its shares and undervalues the company.
Both Skip Capital and Stonepeak Partners LLC are existing shareholders of Genex, with Skip holding a 19.99% equity stake. Following the upgraded bid, the renewables developer said it will allow the tie-up to conduct confirmatory due diligence and indicated it is inclined to accept the improved proposal, in the absence of a superior offer.
The new price represents a premium of 85% to the undisturbed Genex share price of AUD 0.135 and a 92% premium over the three-month volume weighted average price of the company’s stock of AUD 0.130.
Sydney-based Genex is focused on the development of renewable energy generation and storage projects in Australia, with its portfolio comprising AUD 1 billion worth of projects.
(AUD 1.0 = USD 0.699/EUR 0.688)