Power facility operator Energy Developments (ASX:ENE) has rejected as inadequate a $415 million takeover bid from private investment firm Pacific Equity Partners.
The company said its two-month investigation of the $2.65 per share offer has found that the offer does not fully account for the long-term intrinsic value of the company.
Recent project wins and the announcement of an assistance package for companies affected by the Government’s new carbon pollution reduction scheme mean the company’s trading price does not fairly reflect its value, the company said.
But Energy Developments will continue to engage with Pacific Equity over a takeover offer, and will not attempt to prevent the equity firm from making an off-market bid, the company added.
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