Advertisement

Genex rebuffs Farquhar’s $300m bid as ‘inadequate, not in best interests’

Renewables company Genex has rejected a $300 million takeover offer from Atlassian founder Scott Farquhar.

Aug 01, 2022, updated Aug 01, 2022
Atlassian co-founder Scott Farquhar. His Skip Infrastructure holds 19.9 per cent of Genex . (Image: Supplied)

Atlassian co-founder Scott Farquhar. His Skip Infrastructure holds 19.9 per cent of Genex . (Image: Supplied)

The bid, at 23 cents a share came from consortium consisting of Skip Essential Infrastructure, owned by Farquhar and his wife Kim Jackson, and private equity company Stonepeak.

Genex owns an operational solar farm and pumped hydro project still being developed in north Queensland. It also has a planned storage battery, near Rockhampton and a wind farm proposal.

“After careful consideration of the indicative proposal, including consultation with its advisors, the board of Genex has unanimously concluded that the indicative proposal undervalues Genex and therefore is not in the best interests of holders of Genex shares as a whole,” the company said.

“Accordingly, the board is not prepared to grant the access to due diligence requested by the consortium on the basis of the indicative proposal.”

Genex said it was open to further negotiations with the consortium on a revised bid and would be able to provide limited due diligence information on a non-exclusive basis to help it develop another proposal.

InQueensland in your inbox. The best local news every workday at lunch time.
By signing up, you agree to our User Agreement andPrivacy Policy & Cookie Statement. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

It said there was no certainty that this limited due diligence offer would result in another bid that was capable of being recommended to shareholders.

“Irrespective if whether the consortium provides a revised proposal, the board believes Genex has a highly attractive future as a dedicated renewable energy and storage company,” it said.

Genex said it was the only pure-play renewable energy and storage company on the ASX.

 

Local News Matters
Advertisement

We strive to deliver the best local independent coverage of the issues that matter to Queenslanders.

Copyright © 2024 InQueensland.
All rights reserved.
Privacy Policy