Australia's Genex Power gets sweetened $243 mln buyout bid (updated)

Genex Power

17/08/2022 24:56

(Adds details, background)
    Aug 17 (Reuters) - Renewable energy developer Genex Power
Ltd  GNX.AX  said on Wednesday it received a sweetened buyout
offer of about A$346.3 million ($243.10 million) from a
consortium led by Atlassian  TEAM.O  co-founder Scott Farquhar.
    The consortium, which includes Farquhar's Skip Essential
Infrastructure Fund and Stonepeak Partners, raised its offer to
25 Australian cents per share from 23 Australian cents apiece.
The latest bid represents a 13.6% premium to Genex's last close.
 urn:newsml:reuters.com:*:nL1N2ZC0FC
    Genex said its board would recommend the proposal if the
private equity firms make a binding offer.  
    The company is the only pure-play renewable energy and
storage firm listed on the Australian bourse at a time when the
country is trying to speed up the transition from a
coal-dominated grid to wind and solar, backed up by energy
storage.
    Genex, which had earlier given the consortium limited due
diligence, will now provide full access in hopes of getting a
binding offer. 
    


($1 = 1.4245 Australian dollars)

 (Reporting by Harshita Swaminathan and Jaskiran Singh in
Bengaluru; Editing by Aditya Soni)
 ((Jaskiran.Singh@thomsonreuters.com;
Harshita.Swaminathan@thomsonreuters.com))