Elliot Gulliver-Needham, Investment Reporter, CityAM, 17 April 2025:
The board of Harmony Energy Income has agreed a takeover offer by Foresight Group in what could mark the end of the firm’s close-fought bidding war with rival Drax.
Harmony’s board recommended a new offer from Foresight of 92.4p per share, a five per cent premium to Drax’s previous offer last month.
As a result, the board withdrew support for Drax’s bid and proposed scrapping the meetings that had been called to get the offer through.
“This is an amazing result for Harmony Energy Income shareholders, who were sitting on considerable losses this time last year when the share price was just 41.2p,” said James Carthew, head of investment companies at QuotedData..
“At the risk of sounding like a stuck record, it is completely illogical that the other two battery energy storage trusts still trade on 40 per cent discounts,” added Carthew.
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