By Andrea Figueras
Drax Group said it won't increase the financial terms of its offer to acquire the London-listed company Harmony Energy Income Trust.
In March, the U.K. power-generation company said it would offer 88 pence for each share, which valued Harmony Energy at 199.9 million pounds ($267.1 million). The bid topped a previous takeover proposal from Foresight Group LLP, which later raised the offer to 92.4 pence a share.
On Monday, Harmony recommended that shareholders don't take action as none of the bidders had declared their offer final.
Drax said it continues to take a disciplined approach to acquisitions and that it views battery storage as complementary to its FlexGen portfolio. The group will continue to evaluate opportunities for investment in this space, it added.
Write to Andrea Figueras at andrea.figueras@wsj.com
(END) Dow Jones Newswires
May 20, 2025 12:26 ET (16:26 GMT)
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