The board of Inspired PLC (AIM:INSE) has pushed back against what it dubbed an 'opportunistic' £109 million takeover offer from Regent Group, branding the all-cash proposal as significantly undervaluing the energy services and sustainability group.
The 68.5p-per-share offer came without prior engagement, according to Inspired, investors were told.
In a brief statement issued on Wednesday, Inspired’s directors said they were unanimous in their view that the offer “fundamentally undervalues” the company.
"The Regent offer represents only a 12% premium to the closing share price of Inspired prior to the announcement and is pitched at a level below where the shares were trading only last month," Inspired's board said.
"It's an opportunistic attempt to take control of the company without paying a proper premium. Inspired is worth considerably more than what Regent is offering."
The board is taking advice from Evercore and said a formal response to the approach would be issued in due course.
Until then, the company urged shareholders to take no action.
Regent Group is a supplier of gas and metering services to industrial and commercial customers in the UK.
The wider Regent Group provides services to large consumers of gas across a range of sectors including, leisure, care homes, manufacturing, food production and retail.
Regent Gas Holdings holds 29.36% of Inspired.