Developer and operator of power generation projects Energy Developments Ltd
(ASX:ENE) has rejected a takeover offer from Pacific Equity Partners after an independent expert deemed the offer neither fair nor reasonable.
Private equity firm Pacific Equity Partners proposed to acquire 100 per cent of the company on a fully diluted basis offering $2.65 a share.
Energy Developments appointed independent expert Lonergan Edwards and Associates to advise whether the proposal was fair.
The company says LEA concluded that the offer was neither fair nor reasonable and is not in the best interests of Energy Developments shareholders taken as a whole.
LEA says an appropriate value for Energy Developments was in the range of $3.17 to $4.09 a share on a fully diluted, 100 per cent controlling interest basis.
Energy Developments 2009 net profit took a big tumble from its result the year before.
