The board of Harmony Energy Income Trust (HEIT) has advised shareholders to vote in favour of the Foresight takeover offer, which puts a price tag of 92.4p per HEIT ordinary share.
This comes after Drax BESS Holdco (Drax Bidco) lodged a competing offer to acquire the trust at 88p per HEIT share at the end of March. Harmony Energy Income agrees to £190.8m takeover offer from Foresight However, on Tuesday (20 May), Drax Bidco said it would not raise the financial terms of the offer for the entire issued share capital of HEIT, with the offer set to lapse on 29 May. The board of HEIT said the auction procedure will not take place as a result and reaffirmed "its unanimous recommendation of the cash acquisition of HEIT by PP Bidco Limited at a price of 92.4p"....
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