Greenspark Power Holdings has extended the offer period for its bid for provider of renewable energy Energy Developments Ltd
(ASX:ENE).
Greenspark, who has accrued a 67% stake in Energy Developments so far, says its offer of $2.75 a share will now close on February 5.
In response to the extension Energy Developments says its board continues to recommend that shareholders reject the offer as it represents inadequate value for the company’s shares.
Energy Developments says an independent expert found the offer neither fair nor reasonable, assigning a value of $3.17 to $4.09 a share.
Energy Developments posted a profit for fiscal 2009.
