Harmony Energy Income Trust PLC on Wednesday said it recommended its takeover by Foresight Group Holdings Ltd.
The London-based investment company that invests in battery energy storage systems in the UK recommended shareholders vote in favour of Foresight’s offer, which values Harmony Energy at 92.4 pence per share, or £209.9 million.
In March, Harmony had accepted an 88.0p per share offer from Drax Group PLC subsidiary Drax BESS Holdco Ltd, which had valued Harmony at £199.9 million.
However, Foresight made a higher competing offer, while Drax did not increase its offer. Harmony therefore withdrew its recommendation for Drax’s offer in favour of Foresight’s offer.
Harmony shares fell 5.7% to 91.70p each on Wednesday afternoon in London, giving it a market capitalisation of £208.3 million. Foresight shares meanwhile were down 1.4% at 390.18p each.
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