Renewable electricity supplier Good Energy will find out on Monday whether the Dubai-based group behind a takeover approach to the firm plans to make a formal offer.
Chippenham-headquartered Good Energy received the “unsolicited indicative, non-binding proposal” last October from Esyasoft, a global energy industry player that already has operations in the UK.
At the time Good Energy’s directors said they were in talks with the firm’s financial and legal advisers – but no update on the discussions has been released since.
However, Good Energy, which is listed on the London Stock Exchange’s AIM market, has twice had a ‘put up or shut up’ (PUSU) deadline imposed by the UK Takeover Panel extended – the second time until 5pm on Monday, 20 January.
Both times it said the extension followed a request to allow Esyasoft additional time to complete its due diligence.
By the new deadline, Esyasoft will need to either announce a firm intention to make an offer under the Takeover Code, or confirm that it does not intend to proceed.
Good Energy, which was founded in 1999 with a mission to power a cleaner, greener future, said there was no certainty that an offer will be made, adding that the deadline could be further extended with the Takeover Panel’s consent at its request.
EsyaSoft, a subsidiary of the highly acquisitive Abu Dhabi-based International Holding Company (IHC) conglomerate, specialises in power grid automation through smart grid technologies, advanced metering infrastructure, EV-charging infrastructure, energy storage and advanced analytics.
It has offices in more than10 countries.
Good Energy has targeted solar installation for growth and has ventured into the heat pump installation market through a string of acquisitions. It also part owns electric vehicle charge point mapping app Zapmap.
EsyaSoft’s approach came two-and-a-half years after Good Energy repelled a similar move from arch-rival Ecotricity, founded and led by hippie-turned-green entrepreneur Dale Vince. At the time Ecotricity held a 26.8% stake in Good Energy.
Good energy shares closed at 362.5p on Thursday.
