Australian renewable company Genex Power has rejected a A$300m (鈧�203m) joint bid from Stonepeak Partners and Skip Essential Infrastructure Fund 1 (SEIF), but said it is willing to consider an improved offer.
The company鈥檚 board said after careful consideration of the indicative proposal, it had unanimously concluded that the offer undervalued Genex.
Genex said it was, however, willing to engage with the consortium to explore whether it could submit a revised proposal that was 鈥渃apable of being recommended to Genex shareholders by the board鈥�.
Last month the board of ASX-listed Genex said SEIF and Stonepeak had made a non-binding bid to acquire all of the company鈥檚 ordinary shares on issue at A$0.23 per share. At the time, the offer price represented a 70% premium to Genex鈥檚 shares鈥� last closing price of A$0.14.
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