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 for MoneyWeek's newsletters
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
-
UK-US trade deal announced: US cuts tariffs on UK car imports to 10%
Keir Starmer and Donald Trump have announced a UK-US trade deal, but the US president has refused to lift baseline tariffs on most UK goods. What does it mean for the UK?
-
How to use mid-caps to diversify from the US
Medium sized companies are overlooked by investors but could offer an attractive ‘sweet spot’. We consider the case for mid-caps amid market volatility.