Good Energy reiterated its rejection of a £59.5m takeover offer by Ecotricity after the bidder published terms of the proposed deal in the latest round in the battle of the green energy providers.
Ecotricity has been pursuing Good Energy for two months and holds a 25.1% stake in its target. On Wednesday evening Ecotricity published details of its 340p-a-share offer and said shareholders had until 10 October to accept it.
Good Energy said it would publish its full response in due course and that its board was unanimous in rejecting the bid by the privately held company, which is owned by former new age traveller Dale Vince.
Will Whitehorn, Good Energy’s chair, said: “The board firmly rejects this highly opportunistic and hostile offer and does not agree that the takeover of Good Energy by a loss-making competitor would help the company compete more effectively in the energy market.
“Such a takeover would deprive investors of the opportunity to support, and benefit from, Good Energy’s future growth. It would place the collective interests of our investors and customers in combating the climate crisis into the hands of one individual.
Good Energy’s AIM-traded shares dipped 0.8% to 326p at 09:48 BST. The shares have gained 83% in 2021, driven partly by Ecotricity’s interest.
