We reported recently on the potential acquisition of Energy One by STG based on information posted by Energy One at the Australian Stock Exchange. In the last couple of days, Energy One has made another statement there relating to this potential deal. In it, it says that STG revised their per share offer and Energy One could not recommend that new offer to its shareholders. Hence, it looks like this deal is off. Indeed, the announcement contains the following statement fromEnergy One Chairman Andrew Bonwick, “while there was no certainty that a binding offer would materialise, the Board considered it was in the best interests of Energy One shareholders to engage with STG on the Indicative Proposal (initially, on an exclusive basis) to see whether a binding transaction could be entered. The announcement today of STG’s opportunistic Revised Proposal in no way impacts our intention to be the leading and most capable supplier to the wholesale energy marketplace or our strategy to achieve this. The business continues to have great momentum and customer traction and I remain enthusiastic about its prospects”.
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