Two funds managed by British investment manager Foresight Group LLP said on Wednesday they would buy battery storage investment firm Harmony Energy Income Trust in a deal that values the company at about 209.9 million pounds ($277.9 million).
In late March, British power company Drax said it had agreed on terms of a possible acquisition of Harmony for about 199.9 million pounds.
The Foresight Funds’ 92.4 pence per share all-cash deal represents a premium of 5% to the 88 pence per share Drax Offer.
The Foresight Funds said Harmony Energy has withdrawn its recommendation for the Drax offer.
Source: Reuters.com