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Harmony Energy Income Trust 'minded to recommend' £190.8m takeover by Foresight
(Sharecast News) - Harmony Energy Income Trust said on Monday that it was "minded to recommend" a £190.8m takeover proposal from investment manager Foresight Group LLP. Under the terms of the deal, HEIT shareholders would receive 84p per share in cash. This is a 29% premium to the closing share price on Friday and a 76% premium to the closing share price on 29 May 2024, which was the last business day prior to the date of the announcement of HEIT's asset sale process.
HEIT previously said it had made "substantial" progress through its ongoing asset sale process towards the conclusion of a definitive agreement to sell its entire portfolio to a third party.
However, it said on Monday that having carefully considered the possible cash offer with its advisers, the board has concluded that it would deliver "a superior outcome" for shareholders.
"As a result, the HEIT board has indicated to Foresight that, should a firm offer be made on the financial terms set out above, it would be minded to recommend such an offer to HEIT shareholders, subject to the agreement of the other terms of the offer.
"Accordingly, the HEIT board is engaging in discussions with Foresight to finalise those terms."
Under UK takeover rules, Foresight now has until 1700 GMT on 14 April to either announce a firm intention to make an offer for HEIT or walk away.
At 1155 GMT, the shares were up 22% at 79.22p.
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