By Ian Walker
Drax Group said its planned 199.9 million pound ($269.7 million) takeover of Harmony Energy Income Trust has lapsed, as the deadline to get court approval for the deal has passed.
The London-listed power-generation company said Friday that its offer to buy Harmony needed court approval by May 29 under the terms of the original deal agreed to on March 25.
Drax agreed to buy Harmony for 88 pence for each share held and said on May 20 that the terms won't be increased.
It said on May 20 that the board continues to take a disciplined approach to acquisitions and views battery storage as complementary to its FlexGen portfolio.
The group will continue to evaluate opportunities for investment in this space, it added at the time.
Write to Ian Walker at ian.walker@wsj.com
(END) Dow Jones Newswires
May 30, 2025 02:41 ET (06:41 GMT)
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