Good Energy Group PLC (AIM:GOOA) (AIM:GOOA) has again urged shareholders to reject a 340p per share cash offer from major shareholder Ecotricity as the takeover battle for the green energy supplier got even more heated.
This latest bid is Ecotricity’s fourth offer but in a formal response document, Will Whitehorn, chair of Good Energy, slammed the approach and said the bidder wants to make it a renewable generation developer again, “an approach we moved away from a number of years ago”.
"Ecotricity believes we can compete more effectively together as genuinely green suppliers in a market of similar-looking products.
“This is something Good Energy is already effectively doing by itself, as the only supplier with Uswitch Green Tariff Gold Standard accreditation for all its tariffs.
"We, the board, believe Ecotricity would take this company backwards.
Good Energy recommended shareholders take no action and said six owners speaking for 10.96% of the issued share capital intend to reject the offer.
Privately-owned Ecotricity made its latest offer on 22 July and published the offer document last week with an initial closing date of 10 October.
The first approach worth 310p in June was subsequently raised to 330p and 340p but all three bids were rejected by the Good Energy board prompting the hostile offer.
Ecotricity already owns a 25.1% stake in Good Energy.