Ecotricity, which already holds around 25 per cent of the shares of Good Energy, has made two approaches to buy the whole of the company, the second approach valuing the company in excess of £56 million, according to reports.
Both have been rejected by the Board of Good Energy.
Ecotricity’s first offer of 310.0 pence per share was made on 15 June 2021. At the time, it represented a premium of 10.1% to the closing price of 281.5 pence per Good Energy share on 14 June 2021. The First Indicative Offer was rejected by the Board of Good Energy on 18 June 2021.
Ecotricity’s second non-binding indicative offer of 330.0 pence per share was made on 24 June 2021. At the time, the Second Indicative Offer represented a premium of 16.4% to the closing price of 283.5 pence per Good Energy share on 23 June 2021. The Second Indicative Offer was rejected by the Board of Good Energy on 29 June 2021.
Ecotricity must either announce a firm intention to make an offer for Good Energy by 9 August 2021 or announce that it does not intend to make an offer.
In February, the founder and CEO of Good Energy, Juliet Davenport, announced that she intended to step down from the company she founded in 2003. In April, the company announced its new CEO was to be Nigel Pocklington as her successor. Nigel most recently served as Chief Commercial Officer of Moneysupermarket.com Group plc.