Suez Energy South America, a unit of Suez SA, said Friday it has made an all cash offer for the share capital of Econergy International at 45 pence per Econergy share.
The offer values Econergy at GBP39.2 million and represents a premium of 50% to the cash alternative available under the Trading Emissions proposal of 30 pence per Econergy share and 91.5% to the closing price of 23.5 pence per share on Apr. 9.
SESA added it is making available to Econergy loan facilities of more than $50 million subject to SESA receiving undertakings to accept the offer in respect of more than 50% of the issued share capital of Econergy.
SESA said it hopes the independent Econergy directors will recommend the offer.