HICL Infrastructure (HICL) has pulled out of its proposed merger with InfraRed Capital stable mate The Renewables Infrastructure Group (TRIG) following an outcry from many shareholders.
In a statement HICL said: “Both boards remain convinced of the strategic rationale for the combination. However, following broad engagement with shareholders, the HICL board determined that it cannot progress the transaction without a substantial majority of support from its own investors.
“Each company remains well positioned as an independent business, with high-quality portfolios, strong management teams, and clear strategies for delivering long-term value to investors,” HICL said.
More to follow.
