Not at that price, says International Power
The independent directors of power producer International Power have rejected the indicative 390p share offer from majority shareholder GDF SUEZ.
The independent directors of power producer International Power have rejected the indicative 390p share offer from majority shareholder GDF SUEZ.
Under the terms of the relationship agreement between GDF Suez and International Power, the French company is generally restricted from making a takeover offer for all (or any) of the outstanding shares of the UK until 3rd August 2012, or earlier with the consent of all of the Independent non-executive directors.
Clearly that consent will not be forthcoming at the indicated offer price of 390p; the members of the Independent Commission were unanimous in the view that the terms undervalue International Power.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
GDF SUEZ owns 70% of International Power.
JH
Sign up to Money Morning
Our team, led by award winning editors, is dedicated to delivering you the top news, analysis, and guides to help you manage your money, grow your investments and build wealth.
-
US election – is the Trump Trade back?
The US election is around the corner. How does Trump influence US markets?
By Alex Rankine Published
-
James Halstead drives profits: should you buy?
James Halstead will rebound from a weak patch, while tax changes would be a buying opportunity
By Jamie Ward Published