Power generation company Energy Developments Ltd
(ASX:ENE) has received a takeover offer from Greenspark Power Holdings Ltd, valuing the company at $430 million.
Greenspark is jointly owned by entities advised by Pacific Equity Partners.
Under the terms of the offer Energy Developments shareholders will receive $2.75 cash a share, a 90% premium to the closing price of Energy Developments shares of $1.45 prior to the announcement of the Archer takeover proposal on June 5, 2009.
Greenspark says the offer amount of $2.75 a share will be reduced by the amount or value of any rights, including dividends, attaching to Energy Developments shares, on or after November 30, which Greenspark does not receive.
Greenspark says it has already received an excellent shareholder response, with institutional investors representing 42.4% of shares formally indicating that they intend to accept the offer in the absence of a superior proposal.
Energy Developments recorded a profit for fiscal 2009.
