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United Kingdom : DUET GROUP introduces acquiring bid
Publish Date : 22-Jul-2015
Duet Group an energy utility proprietor has started a $1.67 billion capital raising to finance a takeover offer.
Duet has offered about $1.4 billion or $8 an offer to take control of gas maker Energy Developments.
To support the proposed securing, Duet has introduced a completely endorsed $1.67 billion equity raising.
It wants to raise $550 million with a $2.02/share to institutional financial specialists and $1.12 million from a qualification offer.
Energy Developments' board has suggested shareholders acknowledge the proposal, with overseeing director Greg Pritchard depicting it as alluring quality.
Mr Pritchard said, "The proposal from Duet recognises the attractive growth outlook for the business, the strong operational performance and is a robust endorsement of management's ability to deliver against the strategic plan."
Duet's chairman Doug Halley said Energy Developments would be a powerful important fit.
He said, "(It) will enhance the diversity of our operating cash flows and provide an attractive source of growth for the group."
