Green power supplier Good Energy looks to have repelled the latest takeover approach from arch-rival Ecotricity after it emerged that holders of just 1.8% of its shares have accepted the offer.
Ecotricity already had 4,169,948 shares in Chippenham-headquartered Good Energy - equivalent to a 25.1% stake – before pouncing for a fourth time in July.
But according to a statement to the London Stock Exchange by Stroud-based Ecotricity, it now owns just under 26.8% six weeks after it made its 340p cash offer, having had valid acceptances from the owners of 297,084 Good Energy shares.
Ecotrocity’s latest approach, which values Good Energy at £45.3m, has been repeatedly dismissed by its directors as undervaluing the business. Good Energy’s shares were trading at 326p this morning.
Last month Good Energy chair Will Whitehorn urged its shareholders to reject the offer, intensifying the war of words by branding it as “highly opportunistic and hostile”.
He also pointed out that Ecotricity – which he suggested would be an “unfit owner with an unsuitable plan” of Good Energy – continued to make a loss and claimed its business model was out-dated and centralised.
Ecotricity insists by taking over it would be better able to compete with the high number of new entrants in the increasingly competitive green energy market.
The power struggle between the two dates back to 2017 when Ecotricity, founded and still led by hippie-turned-green entrepreneur Dale Vince, made it first approach.
The bitter battle threatened to boil over when Mr Vince demanded non-executive director roles on London Stock Exchange-listed Good Energy’s board for himself and another Ecotricity chief.
However, it simmered down after Mr Vince withdrew the demand – only to be reignited when Ecotricity made its latest all-cash approach a month ago.
Good Energy is expected to update its shareholders on the offer when it posts its interim results for the six months to June 30 on September 14.
