Ovo Energy has reportedly launched a last-minute bid to prevent rival Octopus Energy from swallowing Bulb.
According to Sky News, Ovo has written to Bulb’s special administrator to inform it that it is renewing its interest in buying Bulb.
Sky cited industry sources as saying that Ovo was confident that a takeover of Bulb would not, unlike the deal being discussed between Whitehall officials and Octopus, require additional taxpayer funding.
Ovo submitted an offer for Bulb soon after it collapsed into insolvency a year ago, but subsequently pulled out of the auction.
Further details of its proposed takeover of Bulb were unclear on Thursday but sources confirmed to Sky that Ovo chief executive Stephen Fitzpatrick was “serious” about a deal.
Were it to be successful, a combined Ovo and Bulb would have about 5.5m household customers.
