UK firm Renewable Energy Generation Ltd (LON:WIND), or REG, said Friday it continues talks with the potential buyer of its business and assets, and expects to receive a formal offer after the buyer completes due diligence, which is almost done.
The renewables developer announced the approach for its trading subsidiaries, representing the business, assets and undertakings of the company, on October 9. The offer, subject to due diligence, was estimated to generate a net cash distribution of some GBP 0.60 (USD 0.91/EUR 0.85) per share, or a premium of 61% to the closing share price on the previous day.
The company said in September that following the government's announcements about cutting renewables support, it had curtailed investment in new onshore wind and solar development whilst initiating a redundancy programme. Chief executive Andrew Whalley said then that REG remained focused on securing value for shareholders from its portfolio of assets.