The Harmony Energy Income trust (HEIT) board has recommended Foresight Group LLP’s takeover offer to its shareholders after Drax announced it would not increase its bid.
Drax, the power generation business, made an 88p per share offer to acquire the trust in March after Foresight’s original 84p per share offer.
However, yesterday (20 May) they announced they would not increase the offer, leaving Foresight’s renewed 92.4p per share bid as the board’s preferred option.
Shareholders will vote on the offer at a general meeting on 30 May. If successful, the acquisition will take effect on 17 June.
This article originally appeared in our sister publication, Portfolio Adviser
