Genex Power receives offer from Japan's J-Power, valuing it at $249 mln (updated)
03/03/2024 23:12
(Adds further detail on offer and previous offer, and director
recommendation from paragraph 2)
March 4 (Reuters) - Australian renewable energy
generator Genex Power Ltd GNX.AX said on Monday it had
received a non-binding proposal from Japan's Electric Power
Development 9513.T for the shares it does not already own at
an offer price of A$0.275 each.
The cash offer values the Brisbane-based firm at about
A$380.9 million ($249 million) and represents a 48.6% premium on
its last close from Friday.
The Japanese firm, which owns a 7.7% stake in Genex, had
previously made an offer to buy the company at a price of
A$0.240 per share, Genex revealed.
An independent committee of the board of directors of Genex
had determined the earlier offer undervalued the Australian
firm.
The committee has unanimously determined the new offer is in
the best interests of Genex shareholders, the company said.
($1 = 1.5323 Australian dollars)
(Reporting by Aaditya Govind Rao in Bengaluru; Editing by Mark
Porter and Lincoln Feast.)
((Aaditya.GovindRao@thomsonreuters.com;))