Australia's Genex Power says buyout bid from consortium falls through (updated)

Genex Power

27/12/2022 22:14

(Adds deal details, background)
       Dec 28 (Reuters) - Australia's Genex Power  GNX.AX  said
on Wednesday that a consortium led by Atlassian  TEAM.O 
co-founder Scott Farquhar had dropped its proposal to buy the
renewable energy developer for A$346.3 million ($233.06
million).
    The consortium, which includes Farquhar's Skip Essential
Infrastructure Fund and Stonepeak Partners, had recently raised
its offer to 25 Australian cents per share from 23 Australian
cents offered in August. 
        Genex had 
    said
     that its board would recommend the proposal if a binding
offer was made by the private equity firms.
  
        Genex is the only pure-play renewable energy and storage
firm listed on the Australian stock exchange.
  
        A spokesperson for the consortium said the group was
disappointed of being unable to find "an acceptable path
forward". 
  
($1 = 1.4859 Australian dollars)
 (Reporting by Jaskiran Singh and Riya Sharma in Bengaluru;
Editing by Shailesh Kuber and Anil D'Silva)
 ((Jaskiran.Singh@thomsonreuters.com;))